Quote from @Gregory Schwartz: Keep in mind that if you buy a rental property in your name using a conventional mortgage it will directly affect your debt to income (DTI)My lender said that if I show rental income it will cancel out my DTI and will even help me qualify. 

Best long term strategy would probably to take an active role and receive some of the income as "ordinary" income or even payroll for yourself, and the rest as dividends to limit tax liability.

Yes you can quitclaim the property into an LLC, some title companies can even help you for free with this.

Jonathan, would you say it’s worth it to continue running through this course as I really would like to get an understanding of the underwriting process in general, even if I don’t end up going forward with any single family properties.

A lease is the way YOU want to conduct your rental so choosing one randomly/ already done may not be correct for you.Resident screening is very important but there are state laws and even federal laws (disparate impact as an example) that you want to be careful about.Having a few key maintenance people is very important as well because that is an area of great concern to the resident.I could go on but feel free to ask more questions. 

I can't even reach the owner to see if he'll sell it to me.

Even if your error was one that made the lease ambiguous, most states have laws that favor the party that did NOT write the contract (lease).Since your error was not even ambiguous, I don't see how you could fight it.

Even if you manage to be the first person in history to maintain the corporate veil of a tiny corporation.

Are you sure you can't generate some rental income from the land by perhaps renting it as parking spaces or even storage to existing tenants?

I’m remodeling a house for rental and I’m debating if replace all carpet for hardwood floor, even on rooms and closets.