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?  

A graphic of the cycle is below. 

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.

You need to know them and make sure your lease incorporates them.  

If you ever have any commercial properties that need floorplans to help with marketing, I have a company that specializes in measuring the properties and providing graphics for the floorplans.