I've been doing a lot of research and I keep getting differing takes on whether it's best to form an LLC or an S-Corp for our partnership.

Based on my research as well as what my friends pay to live in the area, I think conservative numbers for what I could get in rent after bringing the place into the 21st century are $800 and $1200 plus $200 for the garage, a total of $2,200 a month.

I'm asking out of ignorance, as I haven't done much research yet (outside of this post) on the details of renting garage space.  

Karl-I did lots of research.

I'm consider investing in the San Antonio area, and I did a little research there.

depends on your temperament and your goal.. and where it is.one well place rental in the SF bay area is a gold mine.one poorly placed rental in Detroit not so much.. so it depends..

It is generated by real factors that can be researched and are quantifiable: NIMBY'ism, building restrictions, business expansions of many different sectors, rent control, etc... 

That link was very helpful and via some research last night I think that i found my answers. 

He would like to get a real estate license as soon as he turns 18 and would like to work with one or more brokerages to do research (tax records, mortgage records, CMAs, etc.) 

Back to my previous comment, do your research and analyze the deal(s) thoroughly.