Anyone that tells you they are a mentor or coach within 30 seconds of meeting them probably isn't a good choice.  

My parents are also looking into REI so this could be beneficial for them as well.

It just makes too much sense if you have a choice to go for a 60k listing needing 20k of repairs and possible surprises OR the rehabbed listing for 80k down the street...close, place and automate...done!

He had the audacity, while the other agent was showing me the property, to text me and tell me that, "he made the right choice" because he sold his vehicle. 

But my situation would be an example of being in a position to work such a mutually beneficial deal.

In all seriousness, I really respect your choice to "follow your dream" at such an early age instead of taking the path of least resistance and going to work for "The Man" right after college.Thus far, your recipe for success has been to work harder, not "smarter", control costs by doing all of your own labor and buying all of your own materials, living frugally, renting them out as you complete them and then, rinse and repeat.Screw working "smarter."

That means you're likely putting all your contracting eggs in that basket, and if for some reason it doesn't work out with your FIL (too expensive, low quality, too slow, etc), you won't have the experience going out to find contractors and will likely make some bad decisions with respect to future contractors.Think of it this way -- 90% of all contractors aren't going to be good choices for rehabbing/flipping houses. 

Earnest MoneyThe Buyer's earnest money shall be held in escrow by an agent of Buyer's choice. 4.

I am interested in learning about real estate law and real estate investing and I hope to build mutually beneficial relationships on BP.Thanks,Mike

So I realize that perhaps an s-corp isn't worth setting up for to maximize profit for one property, but if it comes out as slightly beneficial in terms of cost, then it will be worth it for me that I'm setting up an infrastructure for the long-view.