Personally, I'd pick a tenant friendly state and choose states that don't have barriers to entry (insurance, financing, weather, etc).

You might end up paying a few hundred dollars a year to the state you set it up in, and the state you are actually doing business in. 

Learning the basics of electrical , plumbing , AC , painting etc will help you in this line of business which also save you a lot when you acquire your first home.This is how I got started , maintaining the rentals of my uncle  when I was your age. 

I’m going to check this out I registered on the small business portal through Invest PR and I’ve done some research on act 60 but will be sure to reach out with best practices in REI on the island.

FHA and VA are government agencies and will have access to all of the applicants personal and financial information.

Each piece is a pricing add.Location, unit type/number/style/mid rise/single story, mortgage middle FICO, Down payment percent, prepay type, 3 points - no points, market rents, property good to perfect condition, rented at close with verification, reserves, vesting is real person or single LLC are the pieces that deliver a rate at a moment in time.

Active Income: Profits from fix & flips are considered active income, subject to ordinary income tax rates, unless structured through a business entity.4.

Any opinions out there on if I would have any legal right to get the earnest money returned to me or should I just be happy he is willing to let me out of the contract and consider the $2,000 em cost of doing business?

Starting this business (and you have to realize it is a business) is not easy and there are so many moving parts.

all but the 10% of reno costs up front have personally seen that one.. pricing is for sure regional..