Obviously this is a simplified transaction void of preliminary title report, title insurance, inspection, BPO, appraisal and escrow fees.So what are the minimum qualifications to get schooled or even mentored in this business?

I've not seen the house, but know the area and it is a good area (B-/C) near the airport, schools are meh to bad (4, 4, 2).  

Then, READ THE LAW that governs the state in which you are forming and naming your business entity.If you need to talk to the real expert for your state of interest, call the secretary of state's office in that state and have the receptionist transfer you to the person who handles formations and names for type of entity and ask them the question.Happy googling/dialing

You also have a diversification in industries providing jobs in the MSA although a majority still come from health-care, schools, government and transportation/distribution, agriculture and research just to name a few.Why does it matter?  

There are 50,0000+ students that go to school there and housing demand is intense in the area.

Examples include: relocation, school district, size, single story vs two story.  

One other option is for one party to hold the title, and the other to hold a long term lease, which could be up to 99 years, with an option to renew.I learn this work around when I took real estate courses at the NYU school, and the Professor of my course, a pro in the business, served on the local real estate board etc., was also the leasing guy at his family owned real estate company.

In the spring, we get the city/county taxes, and the school taxes come in the fall.Looking at your schedule, #1and 2 from 2016 are Probably county/city taxes, and 3 &4 are school taxes.

Williamson county has a very good school system.

Very old school, time consuming but extremely personal.