Can anyone provide any guidance as I don't even know if I need/want to set up a vehicle for the JV such as a limited liability company.What are the pros and cons of a jv?

Rentals are the vehicle.

Maybe it doesn't work here (we know nothing except a couple of figures thrown out) but 30,000 can bring in lots less than that in other investment vehicles.

I like your strategy of buying an REO.I guess I am very wary of using credit cards for financing - I know HELOC is a giant credit, but I like the benefits of the vehicle and the fact that if worst comes to worst, I can always sell my house to repay (I know it makes me cringe just thinking about it).  

If you want to start flipping houses, maybe the 203k loan isn't the best vehicle for your first investment...The 203k loan thrives off the appreciation of the property through rehabbing.

Metro Atlanta is a huge market and you could easily put triple the amount of miles on your vehicle than the average commuter.

I realized after reading a book "Rich Dad Poor Dad", that I should really concentrate my efforts on unearned income and feel real estate is a great vehicle for passive income.  

Many have lots of money to deploy, including REIT's, Pension Funds and Sovereign investment vehicles from around the world, UNHW family offices, etc..

The savings over a 5 year period, I want to start to invest in real estate as long term investment vehicle.

It's not that he is opposed to "green" because he used bio-diesel in his own personal vehicle.