It only complicates your business and makes it more difficult to operate.If you actually have a good accountant I would be very surprised if they recommend you form a corp.

I have read it might be possible to do a complicated system of owning the property and then leasing it to a trust you own in some form in order to benefit, but it seemed sketchy at best (tax avoidance strategy).I do intend to use the s corp election for Flipping as you suggested, every little bit helps.Thanks again for everyone's advice and information.

So the fact they didn't offer their services to draft up everything seems like it's super complicated.

It is done every day and not as all complicated.    

With you living there, that adds another dimension of complicity.

@Raven Walker - there are several strategies to buying TAX LIENS or buying properties that have tax liens, or buying at TAX LIEN FORECLOSURE SALES...it gets complicated, but that means not many are doing it...if you have more time than money to invest, i'd research the heck out of it, and see if you think you can find an angle that you like. 

Things like mistakes to watch out for, things that I can do beforehand to speed up the process, taxes, fees, is it complicated, etc.?

We were fortunate that the owners were willing to work with us on a few complications that arose from the FHA inspection.

I know taxes can be very complicated, but could someone please give me the heads up on why it's financially better to invest over the border in North Carolina, than here in South Carolina?

It seems like far more complicated things get done to close deals all the time.