("Appraised" value is not a magic number; it's educated guesswork).Though not quite so profitable, if your desired cap rate seems unattainable by paying 100% market value, it might still be got, as long as you're paying the Seller no more than 80% of its expected value.

Our culture does not do a good job with educating people about the costs and work involved in housing others (and popular images are of greedy landlord and goofy ones like Mr Ferley and such from 3's Company). 

@Will Anderson What an exciting financial and educational journey you're on.

Definitely incorporate, get business cards, get polos with your logo on them. 

Some considerations on where you should consult an attorney are; Where any of the parties live, where the property will be located, or where you wish to incorporate the business and do most of the work.Any one of these places serves as a good state to seek the advice of a Business Attorney in.

I have been getting education through podcasts, books, and anything i can get my hands on...I am all in!  

Have you ever had to incorporate utilities that were being paid by the owner?  

Still have it today and was the best education I could have hoped for.  

I live in southern cali and just now studying for my RE license mainly for the education and access to MLS and things like that.

I'd suggesting avoiding REIA groups that charge membership fees, or any "educational" classes that people are trying to make money at.