The general rule is that if flipping is performed inside a self-directed IRA this will trigger unrelated business income tax.2.

If/When (more like when) I open up a separate bank account for my rental income to be deposited into are there any specific rules for transferring it back to my personal account? 

Which is a lingering consequence of a LOT of the post-recession rules and regs.

Things that a professional will need to consider before offering advice:Your other sources of income (personally and within your family/tax entity structure)Your tax goalsYour asset liability goalsYour retirement savings goalsYour tolerance/ability for recordkeeping and rules followingWho you're doing business with, how they are structured and what type of business you are doing with others (Partners? 

Whereas, an S-corp is recognized on a federal level therefore it follows a different set of rules.

(note this is my 10 seconds opinion after looking at the map... note.. do not take it forgranted.. i maybe wrong... since I am personally not familiar with this area, but rule of thumb... is... typically the first impression is right... think of Hurricanes....)In regards to figuring out which property has good appreciation and all that jazz... just hit up loopnet analyze bunch of listings and you will get the gist of it... or feel free to check out my blog.. to see how newbie like me navigates the waters within the first 2 months and 8 days in the journey of commercial real estate...  

Our rule of thumb is to offer 1/4 of the appraised value for the house.  6 months of rent will pay for the house. 

On the fourth house, that inspection could find an issue that gives you the chance to back out, saving you thousands of dollars, making all of your money back on the prior inspections.

You just have to make sure that you follow the rules/regulations and disclose everything that is necessary. 

There are no laws/rules broken by doing this because you are giving away your own information.