There are probably a couple thousand conversations about TurnKey properties on BiggerPockets at this point - lots of good info being rehashed here, but I'd think really hard about why you would rather buy a cheap house on the opposite side of the country than a slightly more expensive one within driving distance of your house. 

It is a terrible way to go.I agree with @Doug Rose, that most cases, S-corps are good for active businesses and LLCs for passive businesses or holding RE.Get with a good, local CPA fast, before you make any moves you can't take back.

The purchase price and date of purchase are agreed to, buyer pays a deposit + monthly rent + monthly rent premium.

The financing took a bit longer than usual so the wholesaler agreed to extend the contract so I signed an extension with him last week.

Short Summary:  A woman has agreed to hand me a property for FREE, i just have to take care of the property and that is what i am going to do.This is an amazing deal and i want to take advantage of this.

He has assured me that she will leave and has agreed to move with her daughter.

Agreed more specific title(s) would definitely help moving forward in getting your questions answered.MH

He briefly mentioned the Right to Show Clause: that the buyer reserves the right to show property prior to settlement for purpose of selling, renting or leasing, and the seller agrees to permit access to buyer at anytime up to date of settlement.If anybody has any experience with this, I would love to pick your brain and learn how I can utilize it.Thanks!

Yes I agree Andrew regarding to draw the line on revitalization on distressed areas.

I'm a complete newbie to the real estate game, who dreams of starting my own residential real estate empire, buying and holding homes across the country in consistent markets to generate passive income in order to be my own boss.