An S corp's most popular purpose is to help reduce self employment taxes- but rentals don't pay self employment taxes. 

For the first one, pick something that is manageable by a drive should the need arise to go to the property under emergency.

We've already planned to use corrugated pipe to properly manage the water straight from the downspouts to the creek, so no further issues arise...What I'm looking for are some DIY ideas on how to go about shoring up the lot edge near the creek so I can start back filling these crevices so there is even ground out to the edge of the lot again.

It will be necessary to have additional cash available to fund issues that may arise i.e. an unexpected issue not included in the original estimate / inspector doesn't catch a completed item on the draw list and only approves a partial draw, etc.Every day work isn't being done to move your project forward is money you loose - making sure you have the necessary funds to ensure your project won't be delayed is key.

Of course your area might have specific laws that make these sorts of things impossible.There is this new thing gaining popularity where the tenant can purchase security deposit insurance (or something like that, I haven't used it yet, just warming up to the idea and looking into it). 

The non-refundable reservation fee fixed that problemThe 1/2 month reservation fee is a popular option because it allows most people time to get another paycheck before they have to come up with all the money.

The "assignable once" was at the insistence of the seller.The controversy often arises as whether the end buyer gets to see the first contract. 

@Mike Cumbie thanks SO much for the one agent sale and issues that arise.

Always paid on time and tenants reach out when problems arise.

You certainly can find something in that price range, it is a pretty popular range as well.