Someone also stated that you can't take 15K-30K properties and turn them easily into $600/m rents. 

As a new rookie, my first inclination is to find a rental property close to home, however it's quite obvious that my goals will not be easily met in my neighborhood. 

The MFU can easily become a cash-cow.

If you get into some of those ski towns it can get up to 40% pretty easily.

In my area I could get a property for 130k, rehab for 30k and sell around 200k  I could easily get a 20k personal loan to get started but this might affect my credit and chances of getting a hard money loan. 

So here in Florida the land of towering coastal COA’s, you can easily have an ITV of $60,000,000 on 80 units.

As soon as I and renewed the lease the tenant wrote me this long message with all these thing wrong, including drain smells bad(she’s been putting bleach down the drain to kill the odor, the lights in the kitchen and bedroom are flickering(this ones easily fixable) & the bathroom floor is in-caving because of water damage(she suggested a new shower door).

If you can do that, then negotiating future RE deals may come easily for you. : )As far as setting up legal entities, it looks like other BPers have already given you some good advice.

You can easily estimate paint, flooring, basic fixtures etc. $1.20 interior paint. $2-3 flooring etcIf you want a word document pm me and I can send you my basic sheet that I use here in Portland,OR for all my bids.

You can easily afford one out of your assignment fee.