So you can start with the LLC and file the s-election when income merits the savings.

They both (to me) look like decent buy and hold markets on their own merits, though, provided you can find a good deal. 

I have run into a bunch of flippers in New Jersey, North Carolina and elsewhere who don't really understand the merits of wholesaling and think they can cut out the middlemen. 

If you are certain that the opportunity has merit (in other words, at least 50% now, as-is).Then, you must decide how much you are willing to risk pursuing this potentially valuable opportunity. 

On PM fee, we stand on that, alone, of it's own merits and fee in connection. 

I think there's some merit now outside of my speculation that shows increasing housing demand and SpaceX Starship contracts.

Each situation will be different and should be evaluated on its own merits before any agreement is made.

Depending on what your looking for, the most important factors will be your cash position and the merits of the deal you are proposing.I know a few lenders in this space and one in particular that I think would be a good fit for Fall River. 

"Liability reasons" does have some merit I suppose, as going to the property does increase your personal liability in some way (you won't be able to say you didn't know about an issue to avoid being found negligent, you might do something or say something while you're there which makes you more liable to be sued, etc.), but I would just call that a reason to be cautious and not say much while at the property, not a reason to never go there. 

This will help you determine if the opportunity that you've found has merit.