Pay off debt, build your credit, and increase your savings rate. 2.

I have finally saved up enough to buy my first rental property.

An S-corp is a great way to save on taxes, but only at certain income levels as you have to weigh the new administrative costs against the tax benefit you receive. 

@Selina Giarla you should find a local group of investors to meet with on a monthly or biweekly basis to discuss new ideas for sourcing more deals.

As I am looking for the first rental property in Philly, this gave me better idea of the process and time frame.  

I don't think it is a good idea any more than you should also get your insurance broker's license, your title insurance license, your contractors license, roofer's license, and while you're at it HVAC certification, Electrical and Plumbing Master licenses.Some people do both, but I think for the majority of people there is enough to keep up with on either business that if you try to do both you do neither the justice it deserves.   

I however have no idea how to go about structuring a deal that would work for both the investor and myself for something like that.

But I like idea that Detroit, gaining it's momentum of renaissance and appreciation could be better there, but maybe I idolize it.Columbus seems lucrative with tech companies investing there, but a bit fishy, because so many flippers already there, so many people realtors/flippers tryin to sell their flipped houses. 

Another idea perhaps more leverage than anything would be the threat of a forced sale where OP would collect first every dollar put into for the property over the years before the pot is split. 

There are so many factors to this questions, but to get a general idea if it makes sense financially.