Run them over and over and then over again and make sure you incorporate the lender fees...........

http://www.biggerpockets.com/renewsblog/2013/03/25/is-incorporating-worth-it/See you around the site!

Was he an incorporated Entity or just a guy loaning money out?

Are you going to incorporate, etc, etc.Hope this helps!

I also do graphics, marketing & promotions.

 #1 - I recently incorporated a Wholesaling Business and work with a partner who is based in Houston.  

But in following years, I plan on just using the profits to reinvest.I would love to hear any advice on which entity to choose (from both a tax and legal standpoint), when I should incorporate (I'm guessing before I close on my first rehab?)

Home Improvement appears to only require proof of incorporation and the appropriate level of liability insurance. 

It's 'Incorporating".  

Then give the proper legal notice, as required for your jurisdiction, for making a change to the rental agreement to incorporate these policies.