I did read some of the previous posts regarding this opportunity but still welcome any comments, help and advice I can gain from the experienced REIs here.

Maybe look into some long term gains with buy and hold investments.  

Make some money as while You gain experience.

Don't worry about getting paid [of course if they offer to pay, take it] but more on gaining knowledge - this is your pay.Get out there at least 2-3 time per month for after hours meetings - REIA and meetups, etc.  

If I start an LLC is it considered business income or a capital gain?

I gained a substantial amount of equity by rehabbing the property while still having positive monthly cash flow even with the 10 year note.

Netting 20K after closing costs and capital gain taxesb) Owner finance (Contract for Deed): 137K sale price,  20K down, 15 yrs, 9%, $1200 a month.

Hello, I am in need of networking with a good Realtor in the area in order to obtain accurate comps as well as work with me on flips and gaining potential sellers I may run across.

Looking to branch out for some part-time mentorship/evening and weekend work to gain more knowledge of RE investing and eventually get into the game myself.

I say go for it and put some elbow grease in and wait atleast the two years so that way you wont get hit with capital gains tax!