Assume we have an entity (C corp or S corp or LLC that is taxed like a corporation) which does flips and consequently is eligible for many tax deductions and avoids paying Social Security and Medicare taxes.

a few times they've had long term tenants there (4 or 5 months) -old, homeless types with a steady social-security check.

It is tough to balance the need for revenue vs. the need to engage with the community.John Corey

As for your first deal, stay motivated, stay involved/engaged here, and you'll definitely make it happen.All others -- if things go haywire tomorrow, please just report what you see here in this thread.

We can't claim his labor, so he works for free and I'll probably have to start supporting my parents soon anyways as their retired and social security isn't enough.

Spend 30 minutes a day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums: http://www.biggerpockets.com/meet 7.

Find deals- We use the MLS, wholesalers, property finders, other investors, craigs list, backpage... social networks, preservation companies, contractors, periodic mailings;  hedge funds, auctions, driving for $.... 

From your statement, it appears that you could be engaging in real estate activities that would require a license therefore opening up the agent/broker to sanctions from the Board of Realtors as well as the Texas Real Estate Commision

Be sure to be as active and engaging as possible.

It's great to have such an engaged community.