And do i need to get a special termite inspection by a pest control company or will an ordinary home inspection suffice? 

But my concern is that it will take time to get the business up and going, I don't know the market all too well yet, and I don't have a comfortable reserve of cash to supplement what I'd be getting from a FT job while I get the RE business off the ground (that and we're trying to plan a wedding).Given all of those moving parts, what would you say is the best strategy?

Are you looking to replace income from your day job, supplement current income or save funds for retirement?

You might consider Niche or Specialized Housing like student housing.

Is it standard practice to just continually put away that 10% in a special account that's for "repair funds" for each property? 

What special permits and local committees will I have to deal with??

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

You might consider Niche or Specialized Housing like student housing.

Do we have a special paperwork4.

They can sit down with you and explain the legal benefits between different types of organizational structures; LLCs, Corporations, Professional Liability Corporations, special Statutory Corporations available in your state, limited liability partnerships, general partnerships, etc.There is no one size fits all, and an LLC may not even be in your best interest.