We'll be doing up agreements to discuss how to handle all the scenarios we can think of around the property, ranging from putting more money into it, picking tenants, to sale/divorce.This brings me to 2 questions1) Is it worth incorporating?

The appeal of this deal starts to fade when incorporating flood insurance into my calculations.  

You do not need to be incorporated to take advantage of this.  

I have stayed in corporate housing and they are nice, unfortunately, there is none I could find on the location I was looking and I don't want to be farther than 20 min driving from my work place (Hill AFB). 

If you could create documents and the tenants weren't required to sign them to make them legally binding, then that essentially opens the door for ill-intentioned landlords to incorporate new rules and procedures without the tenant knowing, and then take legal action against them when they (the tenants) didn't know.

If you could find a buyer off market and incorporate the realtors commission or any closing cost in there it would probably be worth it.

I struggled with the same identity crisis when I worked in Corporate America.

A simple introduction letter would suffice - maybe include any positive changes you plan to incorporate (would ensure they're high probability of happening).

The laws do vary by state so I would recommend using one in your state or in the state in which you intend to incorporate.

The bank shouldn't provide any priority to a cash deal over a financed one so pay attention to things like that.5) Proof of funds or letter of pre approval to show that you have the financing aspect covered without a problem.6) If you're purchasing with an LLC, the negotiator will ask you for an Articles of Incorporation anyway.