@Mike Cleveland the basic premise to create an entity is to protect your personal assets from the business.

They basically want me to find houses that make good investments to they can sell to their investors.I had actually thought about getting my license years ago with the intent to eventually have a property management company; but determined I am not really cut out to have to deal with clients/tenants all day. 

I listed when I was basically done.

These numbers are intended to be as basic for now as possible just to better understand

If you only need a basic system then that is fine.

I have little experience in RE but I attended RE school and know the basic principles and laws .

You'll pay a balance transfer fee if you want to take out cash rather than do purchases but at ~3% the money is still basically free once you factor in inflation.

Hi @Anthony Thomas below are my recommendations for more resources for getting some basic info on note buying.

Basically the house has been auctioned/foreclosured.

Which basically means that if the owner or anyone else sells the property.