Who knows what the market is in 10 years, what major repairs will be needed in 2 years, what major repairs will be needed because of tenant issues, whether or not you can keep it rented for the next 10 years solid, will Ft Lauderdale be above water in 10 years if you believe what certain people say, and any number of other things that can happen to this property that currently costs you money every month.

Then, use a lot of silicone to maintain water-tightness. 

I c This is what I would do in your position..I would only incorporate if this is a rental property and/or this will be an ongoing partnership doing flipsIf this is a just a one time thing or at least to test out the waters it would be easier to structure a joint venture agreementThe proper way is to incorporate but is it necessary with all the fees associated just for 1 dealI am an agent in Toronto as well and someones it gets too complicated when so many people and decision makers are in on the deal.

There is some hay ground, a nice creek with good ponds, a 100+ year old stone barn, a newer shop, great coyote hunting, and a very good water system.

There is some hay ground, a nice creek with good ponds, a 100+ year old stone barn, a newer shop, great coyote hunting, and a very good water system.

(Please also note this is only for water.

It's in a desirable neighborhood in a growing beach resort....but not so close to water that it will be flooded.

Practicing analyzing deals is the absolute BEST way to start dipping your toes in the real estate waters. 

Last, I would like to sub meter electric and water.

.), two bathrooms, added a bathroom, fully redid the kitchen, refinished the hardwoods, paint, baseboard, trim, redid all of the plumbing in the house (above and below ground), water proofed the basement (internal/external french drains and sump pumps, and did all of the landscaping (mulch, new sod, removal of trees, etc.)