If two investors (debt and/or equity) come together and form an LLC which is used to purchase mortgages, that join will be governed by the Articles of Incorporation and Operating Agreement of the entity.

I don't know how much it costs to incorporate in NC, but it only costs $70 to file in CA (though there is a minimum tax of $800/year). 

Why not buying a 3-4 unit property In LA incorporating FHA loan with 3.5% down?

Just to be clear, this question is not because I'm trying to save money or cut corners; instead, I'm trying to build a successful flipping business and incorporate the best practices early on.Another thing I don't understand is what additional value an inspector adds if your general contractor, who also looks at the property, is very experienced?

We also have a good friend who owns a concrete company that we could incorporate into our business if need be. 

I do have a cousin that I could incorporate to facilitate communication to me (possible property management role) and liaison for the contractor on the updates.

@Dazrell Fleming, how are you incorporated?

I believe in researching and thoroughly looking over every inch of detail that I plan to incorporate within a project.

And this is the reality pretty much at every rung of the ladder, in corporate america, academia, or in  government.

I just moved to Colorado and have not yet begun looking for a professional job (I am a CPA who has worked in Corporate Tax for the last 10 years after 3 years in public accounting).