I'm actually comparing tax benefits of LP vs buying Rental property directly from a turnkey company and giving it out to property management firm for operations. 

Learn all you can on the job and it will benefit you greatly as you see which parts you like the most.

The rental activity is already passive activity and S-corp will not be providing you any tax benefits.

@Pixel RogueYou have to determine if there is a benefit of having an LLC in Delaware.There are currently added costs of your structure over having just an LLC in PA.Right now, your added costs are the ongoing compliance costs of having an LLC in DE and the registered agent fees.These costs shouldn't amount to much but have you seen a benefit for doing this?

Perhaps creating loopholes so that they can be HQ'd in Texas while benefitting from living in California?

@Jose A Perez @Jeffrey Donis pointed you to an online article about to learn more about the 203k, which does point out some of the benefits of the 203k, but that online article also contains a lot of errors or misinformation about the 203k, such as ....There is NO "regular" or "streamline" or "modified" version of the 203k.

We have a good mix of larger and smaller properties that have different benefits and allow us to keep occupancy basically year-round so that we can keep our cleaners, handyman, and managers employed and happy.

You will need to show income of at least 2x what your mortgage payment will be, and in that whole process treat it as if it will be your new primary residence (in order to benefit from that sweet LTV level). 

Personally the BRRRR method has worked well for me, it gives the option of getting your invested cash back, and you get the benefit of owning real estate which will pay you back in the end! 

In the letter pitch the benefits of selling their homes in this peak price market and tell them if they're ready to make the smartest decision of their financial lives to give you a call.