I'm retired from a management position with a local Pepsi~Cola franchise where I was employed for 24 years.

If your goal is to reduce that self-employment tax to a minimum, an S Corporation is the best entity to use.

Factors like low unemployment, several major employers in the area, good rental demand might help me determine whether to purchase in a particular area.  

-Is the MFH closer to place of employment?

As used in this chapter, unless the context otherwise requires:(1) “Real estate broker” or “broker” means (A) any person, partnership, association, limited liability company or corporation which acts for another person or entity and for a fee, commission or other valuable consideration, lists for sale, sells, exchanges, buys or rents, or offers or attempts to negotiate a sale, exchange, purchase or rental of, an estate or interest in real estate, or a resale of a mobile manufactured home, as defined in subdivision (1) of section 21-64, or collects or offers or attempts to collect rent for the use of real estate, and (B) any person, partnership, association, limited liability company or corporation employed by or on behalf of the owner or owners of lots or other parcels of real estate, at a stated salary, upon commission, upon a salary and commission basis or otherwise to sell such real estate, or any parts thereof, in lots or other parcels, and who sells or exchanges, or offers, attempts or agrees to negotiate the sale or exchange of, any such lot or parcel of real estate;

My father owns a construction company in my hometown, so I have spent my fair share of summers swinging hammers and digging holes.I am employed as a full time engineer and I am looking towards real estate to supplement my income and build a more stable future for my fiancé and myself in this exciting stages of our lives. 

Unfortunately, my current employment will not cover the additional properties but with the tenants' rent I could pay for all said expenses.

@James ManessAnother option is to open a self-directed solo 401k if you are self-employed and process the transaction and a solo 401k is generally not subject to UDFI. 

I'm currently full time employed in the military.  

We just recently moved to a new state and don't have two years employment history here.