Feeling really inspired to pursue financial freedom and I'm looking forward to getting engaged on the site!

In RI it's attorneys who handle the escrow/closing, rather than title companies.Usually in Rhode Island, if you're using an agent and the standard RIAR (RI Association of Realtors) purchase and sale forms, you wouldn't engage an attorney until your offer is accepted (which in RI is the same as getting a signed P&S back), unless you or the seller is putting something out of the ordinary in the P&S (usually in the additional provisions on the last page but there are a few other places extra language can be added).In that case you might want to bring in your attorney to double check the language you or (especially) the seller are proposing, just so you understand what you'd be committing to.I'm not sure what your connection is to Rhode Island but since your profile says you're in Maryland there are probably some differences between the two states when it comes to real estate.

I've listened to many of the BP podcasts over the years and I'm excited to start engaging with you all!

I would settle on the business terms first, then engage an attorney to help you decide the best legal structure.

It is still possible but the amount of red tape you the lender/seller have to go through usually makes it cost prohibitive unless you are a big time player.

Moreover, If someone does engage in prohibited transactions, how would the IRS ever find out?

@Jamael Chappelle I don't have the contract you are looking for, but do you have your own real estate attorney that you could engage to assist you with this?

Lots of players in the county .

I still self manage but I include a management fee of 10% I pay to myself along with my owner's monthly draw from profits.I'm not a big time player, but we're now doing well enough that if I lost my day job, we could live okay.Going forward, I'm looking at moving in more full rehabs in B hoods so we can get cash flow and appreciation. 

The 2nd lender knows I am engaging other lenders and it doesn't bother him but he is likely confident that he may get the business due to his close relationship with my agent.