Although many prospects who approach my firm already have made an S election for their new business, in general, I advise current clients who start a new or side business to start it as a disregarded entity (if single owner) or partnership (if multi-owner) to keep things streamlined until we have the data points to make a more informed decision regarding a S or C election. 

@Charlene Atlas- you  will liekly not  find any SFH  options in the BKR ( bellevue  kirkland  redmond)  are that  will  cash flow to meet your tests  ....you will either likely need to  disregard  your  criteria or  begin looking  in other areas that might  cash flow better  (  renton ...kent ....Everett ...Bothell ...etc...) 

As for tracking and accounting, I set up my LLCs as single member disregarded entities.

Summary: Our typical acquisition looks like  Elenis Camargo's   Property #2St Louis example property in Dec 2019:Purchase Price: $46,000Down Payment: 20% ($9.2K plus $4944 for closing costs (including impound $1368)Monthly Mortgage $146.86 30 yr fixed at 4.5% Taxes $102/moInsurance $66/mo30 yr fixed rate of 6.0%Monthly Rent: $825/monthProperty Management: $83/monthVacancy Loss: 8% annuallyRepairs = $100/month (a bit high estimate for built in conservation)Monthly Cash Flow: $301Cash-on-cash return: 25.5% Disregarding maint and vacancy, upper boundary ROI is 40%.Hope this is helpful... a good way to start as a newby is to research "turnkey" properties and learn to do due diligence. 

Disregard the self management advise.

Unfortunately, this has often led to a disregard for proper portfolio management, with attention diverted towards maintaining an image of dominance rather than fulfilling responsibilities. 

Leverage 70-80% LTV (Debt): Borrow max amount of money at artificially low rates, with complete disregard to what will happen once the Fed loses control of bond market and treasuries spike. 2.

Joined the NH SBA call this morning at 9:00am and asked my question about landlords that own properties in SMLLC and whether or not we need to choose business w under 500 employees - even if it's just us and it's a disregarded entity for tax purposes (NOT sole proprietorship).