I’ve been in interested in real estate for a while now but just didn’t know where or how to start and I figured this might be a good place.

While you are figuring out your contracts and systems, start dialing and knocking.

And how can you quantify investment risk to figure out if it’s a chance you want to take?

You could also convert the S Corp to an LLC, but you also need to figure out how to tax the LLC. 

Remember, selling is going to trigger sales expenses, and potentially taxes, so figure that in your decision.

I figured it was a scam, but decided to call just in case it was legit. 

Purchase price and ARVs don't tell the whole picture; you need to figure out how much rehab each of them need first before you (or any of us) can tell if it's a deal.

Also you have to figure out how to give them enough info to know you are not scamming them and yet not give away enough information for them to find out for themselves how to get the full 29k without using you. 

Has anyone figured out which has the higher success rate? 

If you keep reading the forums, read books and listen to the podcast, you will figure it all out.