There is always a trade off- you trade cash flow for passivity and equity and vice versa.  

As a side note, Deleware is a horrible place to inc unless your a large corporate interest, large enough to rival a publicly traded co., Deleware is amazing and designed for those entities.

I'm a full-time student and i do have a part-time job, I have a passion in making wealth but i do not want to keep trading my time for money.

@Scott Ryne  we use incentive based pay scale as well.. one issue we are having on the west coast is sub trades.. its really really tough for many right now there simply is not enough.If I was a lead framer on the west coast I would seriously think about starting your framing company.

"The Managing Member of the borrowing entity is a CEO of a publicly-traded company, based in New York.

This is the W2 mentality: trade time for dollars.The entrepreneurial mentality is to trade dollars for time and hire the management out.

I just graduated Cal Berkeley with a degree in Political Econ. focusing on international business trade and labor.

I am an electrician by trade and own a 1916 home myself so the commonly frightening buzzwords such as "knob and tube", "plaster walls", and "asbestos tiles" don't carry quite the same weight with me but it will be nice to have someone who is as objective as possible.If you feel comfortable answering, could you share what you budget for repairs on these older properties?

The door I propose removing is a 3rd point of egress.I use a GC (and he uses licensed trades) for all my projects. 

I have an extensive list of trusted trades (HVAC to plumbers to roofers) to share.