This January I bought an established profitable business for my wife and daughter to run.

The broker should be able to pre-qualify the borrower with regard to requirements such as minimum credit score and establish borrower income level. 

If your intention is to establish a long term relationship & close deals thru the agent then many will pull your comps for free because they will be compensated from the purchase/sale of the property.   

You can spend months discussing among yourselves what you need and what each would like but I feel confident an experienced attorney can get you there much quicker and help you organize yourselves more effectively but to answer your question yes there are established laws that govern what you can do and how you need to do it to be within the law for what you propose to do.

Shane,Yes the building is "incorporated" and registered within an established historical society along with many other buildings in the area. and is eligible for tax credits. 

Once you have established a decent portfolio, I might consider multiple markets, but take the time to set up a strong network you can rely on in your concentrated market before branching out.

In regards to building credit I highly recommend you start now, I know CapitalOne and Bank of America will give you a credit card even if you have no credit history at all, that's a good first step to start establishing credit.Also if you haven't already, start saving some money!

A few years ago, RCG was teaching and training them how to structure the deal and supplying them with the necessary relationship documents to establish the correct structure.

I am looking to gain further knowledge of the local market, network with other investors, bankers, contractors, etc. to better establish myself and my place in the industry.

I'm considering doing a first time flip in the next couple of years, but I just want to get a feel for how well I've done so far and eventually, when the time is right, establish some connections for this next phase of my R.E. experience.