I can see justifying spending a couple thousand to set up proper business entity just so that it will for sure separate my personal liability vs my income cashflow producing business liability.  

(A little law of attraction in there. :))

I think classifieds and signs on the property itself are enough to attract tenants.

Ever since I have been listening and learning about all the amazing ways to begin a Real Estate Investing future I have began to notice things I would have never seen had I not began my path towards Real Estate investing, just driving the same route back from my work everyday I began to notice houses with for sale signs in the lawns, houses that have been renovated and houses next door that haven't, almost like the law of attraction if you will lol! 

Potential associates are attracted to professionals.

You are competing against people with deep pockets that don't need double digit returns for this to be attractive to them.    

You should find out from your local building department if they will accept what is known as standard construction plans or if you will be required to have them produced by a licensed architect and licensed structural engineer.Usually if your city will approve your proposal the electrical and gas meters will be installed , after your inspections have been approved.

I'm no veteran agent or a million-dollar producer (yet) but I have learned a ton by making my own mistakes as well as watching what the great, and not so great, agents in my office do. 

I want that liability paid off so I have no debt that isn't producing income.  

Build a quality, tenant attracting property, build that cash flow, and then go rinse & repeat.