I have another profession so don't want to have a f/t career in RE per se, but my husband and I have almost completed our first flip in Memphis and I would like to use it in our business and maybe work other deals. 

And your concerns are primarily what has kept me out of RE for these last few years as I've learned more and more about it.

The site says mentorship is free after completing their course information.  

@Eric LeBlancWe have done well investing in the Spring area - One thing that helped our bottom line was to reduce our expenses by investing in areas that have lower tax rates - we moved completely out of Harris County to Montgomery County and found further savings by buying in neighborhoods without a MUD tax - we effectively reduced our expenses by one percent or more (which is like having an extra month of rent).Good Luck and Happy Investing,

I have one bid for $40k to do a complete gut job.

You would be in better shape if you had the architectural plans complete and a contractor bid or two. 

The water I completely understand, the power less so.

@Allison Meggison Hubspot offers a complete CRM.

As @Brian Adams said, a small percentage of something is better than complete ownership of nothing. 

You may want to reach out to your accountant for verification.Also form 3115 is complex in nature - I would definitely leave the completion of the form to a professional.