During this period, I was an executive in corporate America making a 6 figure W-2 income. 

Is it even possible to make a very low MAO with the cost of flood repairs incorporated (while the owners have insurance money on the way)?

@Brandon Heath   Typically, the answer to your question would be in the corporation articles of incorporation.

We provided all articles of incorporation and an unanimous consent from board of directors stating that the company was authorized to purchase the property and procure funds for purchase from my partner. 

A Hold Harmless and Indemnification agreement is incorporated in the sale contract and that may only be as good as the seller's ability to pay damages, can't get blood out of a rock you know, so you could be stuck with future claims as well as illegal activities that might constitute fines against the company.

They will teach students how to incorporate (using an SCorp structure) your real estate company.The thing that sold me on this program was the two years of access to a mentor.

I'm interested in incorporating into an LLC, buy properties in my personal name with co-borrower (considering I do not have 2 years of established work history) and transfer to LLC, and build off on it.

Lots Of government grants could be incorporated to this idea as well.

Together we are in the process of incorporating and registering a 501c3 community arts non-profit.

I've made some major changes including incorporating what you have suggested.Thanks again!