Once you have your workflow and contractors all organized, then I would think about taking on a property like #1. 

The point of corporations are they allow multiple owners to enter into business ventures and limit their liability to only what they have invested in the venture, and furthermore the entity itself can outlive and individual person, thus overcoming the limitation of a partnership that would have to be liquidated upon the death of one partner.LLCs have nothing to do with the number of loans you can get or your responsibility as an individual to pay them. 

After some market research done on ListSource, I have narrowed my wholesaling venture down to two zip codes.

But once I become a little more established, then I would like to venture out into Houston if it’s the right move for me.

Your tax pro can then put you into their normal pre-tax season work flow. 

All the best with your new venture!

I watch areas like crowdfunding, RE venture capital portfolios, and startup news. 

I set up LLC's for every new deal, business venture and transaction.

I am Josh's partner for this little venture here and we were both very involved in this whole process together and can answer any questions about this deal anyone might have.

I intend to make this a passive venture via the use of a local property manager, and have built out most of my "team" (finance and attorney are good and working on broker and property manager with a few irons in the fire).