At the moment, I'm gainfully employed and would only like to begin pursuing RE license/agent activity on a part-time basis as my other personal/professional obligations keep me busy.

From what I understand you can buy the property at anytime but if its during the agents listing period the seller is still obligated to pay the listing agents commission.

What kind of corporation should I set up?

This is the most trusted source to use and there is no fee, no sign up required and no obligation.

And I stress this is an option not a obligation.

Some can be really nice and some can get pretty high maintenance and always remember to uphold your fair housing obligations. 

As far as I've been able to find, attempting to purchase through a corporate entity will make it much more difficult for you to get a loan. 

I have a 8% student loan in the amount of $12K with a monthly debt obligation of $112 a month. 

(BUYER) HAS ENTERED INTO A PURCHASE AND SALES AGREEMENT WITH _______ (SELLER) FOR THE PURCHASE OF SUBJECT PROPERTY, AND WHEREAS BUYER WISHES TO ASSIGN ITS RIGHTS, INTERESTS AND OBLIGATIONS IN THE PURCHASE AND SALES AGREEMENT, IT IS HEREBY AGREED BETWEEN ASSIGNOR AND ASSIGNEE AS FOLLOWS:1.

The basement is not wet, but of course does get humid.Should I be obligated to replace, considering it's not apart of the house, nor is it an absolute necessity?