The USA is the opposite, high borrowing costs, but appreciation if timed right.I would recommend building a 800 FICO for FREE and a 80 PAYDEX LLC for a few hundred, saving cash, and waiting for the next bottom.

Leverage their experience and knowledge and save your friendship.

Having a vision for the property (very distress property) and a team that repaired the property in a timely and cost saving manner.

(e.g. contiguous)- Comprised of 4 parcels:P1 - 70 acres with 2250sqft 200yo house and 20yo barn.P2 - 35 acres with under conservation easement.P3 - 5 acre minor sub division home lotP4 - 5 acre minor sub division home lotSITUATION- Seller is 70yo and retiring in 2019- Seller has heIrs who are absent and uninterested in owning the property (will eventually sell inheritance)- Seller is a frIend and neighbor of the famIly- Seller (and our famIly) have preservation/non-development hopes for land in the neIghborhoodOUTCOMESFor the Sellers:- Immediate cash lump sum (property needs some work)- "Guaranteed" monthly/annual payments for deal term- Retain ownership and occupancy of real estate until they vacate- Seller retains ownership if buyer defaults- Continuity of neighborhood legacyFor the Buyers (us):- Acquire property rights- Fixed sale price- Known caretaker/occupant- Continuity of neighborhood legacyDEAL OPTIONS- $450-500k sale price- 10% down- 20 year term- 0% Interest- Land ContractThis seems like a good option to consider in terms of managing tax impacts to both parties, but at the cost of fewer “ownership rights” for both parties.- Seller FinancingThis seems like a good option to consider in terms of better “ownership rights” for both parties, but at the cost of trickier tax implications.

My first instinct when I buy I house it to pay off the loan quickly, so as to save on the interest. 

So my goal when I was younger was always to have some incoming cash flow giving me the option to retire early.

You may later also transfer retirement funds that you may have transferred to the new employer plan if that new 401k plan allows for outgoing transfers of amounts rolled into the plan. 

I have money in savings that I can use as down payment, but with not showing much income right now, will a bank approve me?

Right now I am just saving up as much as I can while finishing College.

@Tulan Kantesaria, @Matt Motil, is right if you were in flipping business.S-Corp will do no better for tax saving compared  to LLC.