Many don't want to admit it but the market is hyped and sellers know that, most flippers are doing direct mail and web, the market is saturated with wholesalers and wanna be wholesalers.

By the way, going to college or having a degree or degrees has no direct correlation of how intelligent a person is.

My thought process then is to create an LLC for the property, open a bank account for the LLC where rent will be collected and any expenses(repairs & renovations etc) will come out of.I understand that no one will directly give me legal advice on here, but just in general any feedback would be greatly appreciated!

It may not be feasible to bill your tenants directly for common costs. 

Great book on the subject here on BP in the book section.As an investor I feel very blessed my former job relocated me to Milwaukee, my life would have taken a very different direction back in Austria - or let's say the Bay Area for example!! 

All my tenants pay directly to my account using just my business email.

I am not sure if my job will offer an option for a self directed IRA maybe?

@Dustin VerleyI bought current receivables from manufacturing companies for a discount and was paid by their customers directly in 30, 60, 90 days depending on the terms agreed by the company and the customer. 

I currently reside in Gloucester City and If you are not familiar with this part of New Jersey, it is directly over the bridge from Philadelphia.

I think you would be wise to locate a well versed fannie mae direct lender and talk through the logistics of who is on title and how the title of your side gets transferred to avoid any seasoning on the refinance.