I've done a lot of home remodeling the past few years, so I'm pretty clued into what needs to go into a home to properly renovate/rehab it.  

-Where do I obtain the proper contracts required?

I'm in the Seattle area, too, and I agree with some other local investors that finding cash flowing deals in Seattle proper is very hard right because it's such a high priced seller's market right now.

More specifically, I'm trying to see if I can properly leverage a new Coverdell ESA IRA for each of my 3 children ($6000 per year) and use a 100% return as distributions for a private school within the next 4 years.BTW, Thanks again for the explanations!

Any ideas on a good way to make this function properly? 

This is not to say that it is an excuse to be reckless and not maintain proper cash reserves.  

From my experience clients are very rewarding experiences, as you get a chance to bring someone else's dreams come to life, personally I love to take them through the process of a full renovation, everything from rendering to build, however, if you are not built with the proper infrastructure it is incredibly time consuming and administratively intensive.

Many small time land lords just don't have the resources to dedicate to get proper tenants.  

I am looking to find the proper resources to answer my questions and guide me in the right direction so that I can begin a venture of investing.  

He/She may not feel comfortable with the price/location/or time of year and will want to make sure they can get it rented out in a proper manner for you.