I would set up with an attorney.

I don’t want to make the mistake of setting up an LLC or S-Corp too late and running into problems, but I don’t want to deal with fees and a ton of paperwork for a business that isn’t creating income yet.

Welcome to BP @Wil Tasco III You might want to set up some keyword alert for Philadelphia so when anyone post about it you will get notified.

Oh well, I'll try to taylor my posts to be more nebulous for future reviewers;)  If you are interested in specific markets, set up keywords or run searches for cities in those markets.

Set your expectations and hold to them, but make sure they are clear! 

@Kaliya Nikole Very few rent to own sellers list with an agent, there's usually no need.However, you can set up a rent to own business for yourself where you market for tenant/buyers, have them select a property from the MLS, and then sell the entire deal to an investor.

You can set up google alerts for an easy way to stay up to date on where jobs are relocating to and how many jobs will be formed.

So, I am hoping to set myself some limits and get some advice on how much work is to much work for a rehab?

For example 10% down payment is very normal and setting up a rehab escrow for 95% of rehab costs is typical as well. 

Anything large should set off the alarms.