If your CPA does endorse an S-corp, make sure to ask him about changing your business practices to comply with S-corp rules.When doing distributions, remember to leave enough money in the company account for future expenses, including paying the CPA.If you're planning to dissolve the company, I recommend prepaying the CPA before dissolving.

I'm currently consuming all things REI - books, blogs, podcasts, etc. in hopes of gaining the knowledge to make an exciting and financially independent future for myself and my wife.

PS I also have a great deal of interest in ecommerce, social media marketing, and crypto currency (Clearly a millennial).

I am new to the LLC side of things, but currently have two houses and a duplex, so I would like to create a relationship for future problems that may involve a lawyer.

At the time I bought condos, my HOA keeps it's percentage of rental condos under 20%, else future buyers will have trouble getting loans, and current owners can't sell.

You can even have an attorney available 24/7 for less than $40.00 a month.TITLE: Since you live in Illinois you should use an Illinois Land Trust to take title to all future purchases.

I have no experience investing in real estate, but I'm educating myself daily to begin my REI career in the near future. 

Analyze the property with the current income and expenses, not future.  

Even if the #s are good should I expect these properties to be less attractive to buyers because of the flood liability in the future?

I was mostly trying to help you keep some cash out for future investments.