Misled by gurus on YouTube hyping how people JUST LIKE THEM with no capital, experience or real estate education, can join his mentorship and make these incredibly profitable deals.  

OMG, this is an insane profit.

It's complicated and not recommended for newer/smaller landlords, but it's a profit center for me.

While it is possible and can be profitable to invest in small properties out of state, I don't think it's worth your time and effort.

Quote from @Isadore Nelson: 180k + 40k, sold for a 'profit' at 218k? 

Define roles, financial contributions, profit-sharing, and responsibilities in a detailed agreement.

Do you need an S-Corp depends on your overall tax situation and profit you are expecting form this flip.This post does not create a CPA-Client relationship.

However, we also recognize the time value of money, so while it might pencil out to turn a profit, but we get an immediate payback versus a six to nine month holding time, it might make more sense to sell them both as bare land.  

There is no way I can build this and come out overall profitable.

This not only preserves the value of your investment but also enhances its profitability over time.Also, I'd like to emphasize the importance of understanding the local market dynamics, which will help you make informed decisions about where to buy, what to buy, and at what price.