We figure we will be able to charge $900/month per side ($1800 total) but also do not know the first thing about becoming a landlord or where to find tenants.

Longest showing I've ever done but I figured there were others with worse experiences so with that said...what was your longest showing?

Sounds like @Calvin Lipscomb figured it out either way. 

I am primarily trying to figure out the TAX and ENTITY implications:1.

The links don't work since you put your custom figures into them.

What others have put are all good suggestions you just need to figure out what is best for your situation. 

I had prepared a one page document with the relevant figures on their property and the other two recent sales.

I've read several different places that $30-35/sqft is a good starting point for a gut job flip and $20/sqft is a good approximation for a moderate flip where some systems (roof or ac) are ok, so depending on condition, I'll multiply either $35 or $20 x (2/1 house sqft) and then add $50,000. 

I'm trying to figure out a fair way to split deals with my son.

Would love some feedback on this cause I have been trying to figure out how this could be done, and maybe it can't.ThanksPhilip