All Forum Posts by: Kip Cline

I'm considering buying a 2 story 4 unit building. Each is a 2 bed 1 bath. It has common water and gas but separate electric meters. There are 5 meters one for each unit and a common area one. Each has 4 20 amp plug fuses. The building needs a water heater. I'm wondering what would be my best option. 

1) traditional gas water heater in the common basement. If so what size/how many?

2) tankless electric water heaters in each unit. This would shift some electric cost to the tenants. Would I have to upgrade the electrical? Cost? 

Any help would be appreciated. 

Edmund Ricker I will have about 36k of rental income and 20k of W-2 from my job for next tax year. I'm wondering what I can do to best set myself up because I am planning to double my rental income the following year as well

Over the past year I have had a seasonal job and started buying houses in my own name to fix and rent out while laid off. Next year I will be showing more rental income. What is the best way to structure myself so that I do not personally show much income? Should I form an LLC taxed as an S corp and transfer the properties into it? Any advice helps.