I'm new to REI as well but have been really digging in to the financing aspect of it.  

We would take care of forming the LLC, Articles of Confederation, website and all other aspects of planning and managing the business.

I can't get my head around why his IRR would be better with the NY property involved, especially factoring in long distance land lording aspect. 

Wade,I think you have a point when it comes to the networking aspect of MF investing.

So I guess I have a tough decision to make in that aspect.

We use to have "Business Clubs" (we may still, don't know) getting kids involved in starting and running a business. 4H also taught some business aspects and finance. 

I was politely informed that the Lease Options "scam" as he put it, was only for get rich entrepreneurs using a quasi legitimate loophole in Texas law according to the way he understood real estate but, as a general practitioner of law in the injury aspect, he didn't know 100%.

The flipping involves everything from finding the property, negotiating the deal, determining what needs to be done to the property, dealing with the renovation planning to include getting it approved by the local authorities, performing the work on the property or finding and supervising the contractors or employees who will do the work on the property, paying all associated bills for the property to include HOA fees, utilities, insurance, and taxes, coordinating all aspects of the rehab which goes beyond just hiring contractors, passing all inspections, staging the property, determining sales price at completions (which may be different than initial ARV projection), staging the property (if desired), finding and supervising the realtor selling the property.  

You came to the right place to learn about various aspects of real estate and more!

The plan is to establish a RE investment business with my brother and to focus on the wholesaling aspect at the beginning and then branch out into rentals and rehabs, although nothing goes quite as planned.