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

As @Wayne Brooks pointed out, the information presented in the Rich Dad program was dated, not accurate, lacked specific details, and incorporated a lot of filler.  

You'll file a form called Articles of Incorporation.  

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?

My friend and i both make over 40K (each) a year and i have $0 debt (he has student loans).we are considering incorporating to reduce risk on our behalf should anything go south.Any thoughts/ advice i have a lot to learn and im currently working my was through the pages of posts.Sean

@Stan Yen Is that estimated gross income (EGI) number actually gross income (e.g. based upon real financials (3yr average) or a vacancy allowance has been incorporated) or is it really scheduled rent?  

How would that normally be incorporated?

After 30+ years working in Corporate America in the finance and accounting field I am ready for a change.  

There is a small incorporated town in California that I have a rapport with many of the City Council members, including City Planner, City Manager, and Mayor.