Just carry adequate insurance and worry about an LLC when you are bored enough to take on the administrative load of having one.

Likely the biggest issue you may have is finding the right property that will cash flow adequately (and that number is different for each of us), never mind two properties.

Additionally, as an agent I hope you are not giving your clients advice of this nature as it is a good way to lose it or wind up in a court room.  

Seems like a it was quite quick due to the nature of the renovations and the sales process.

If a property is selling for a lower than market price (below market): then you will have to slowly increase rents… that is the nature of the business. 

When attending an auction, and payment is said to be “[...]Cashier's checks made payable to the bidder as a natural person (Not as a Legal Entity)” what exactly does that mean?

That includes vision, mission, criteria, roles, financial contributions and disbursement, action plan should someone want to pull out of the partnership, what to do if something goes wrong (things will go wrong, it's just the nature of the beast), etc.

Just keep in mind, replacing an item (carpet) in your unit with something similar in nature is "not" an upgrade.  

He talks about big corporations (naturally).

You have to know the natural and most effective way to segment your business into its key components and sub-components, at which point you can work on scaling/optimizing each of those segments and sub-segments.But, I can't tell you what those segments/sub-segments might be for your business, because I don't know your business.