After a bunch of reading here on the forums and blogs and countless books, I've decided that I like the idea of incorporating either with an LLC or S-Corp or perhaps another entity for the added level of personal asset protection. 

Get paid at closingWholesaling is not what I would call a rookie level skill.  

If the line touches ANY part of the house (deck, garage, anything), then you are in that zone - unless you can prove to FEMA that the lowest elevation of the house is above the level indicated for that zone on the map.

If you're not, or don't have much experience in that yet, then just be careful that you're not getting in over your head with a major fixer-upper. 

To give you an example, there's something called the loan level price adjustment, which in layman's terms means that those who will not owner occupied, have a less-than-perfect credit score, higher debt to income ratio, etc., pay a higher rate.

As @Karen Margrave mentioned, there's a ton of details related to the zoning and topography - principally whether the lot is level and graded yet or not, as well as whether there's water meter(s) and such already in place - that have big impacts on your costs and hold time.  

He is a licensed electrician which helps in these cases where we need electrical work done.Our plumber will be out to do the preliminary plumbing work tomorrow that will be needed to put a 2nd bathroom on the 2nd floor of the houseAlso starting on Wednesday, our main contractor will start his work at the property and will work on the 2nd bathroom, installing the new windows on the 2nd floor, and will generally be focusing on the rehab of the 2nd level.

ie=UTF8&qid=1435501004&sr=8-1&keywords=humidity+switchThat way the fan will come on when the humidity level is high and keep blowing until the humidity level is reduced. 

Next my plan is to finish the upper two units and try to get those rented first, and then work to complete the bottom two units.

If it ends up you do need a high-finish, flip-level rehab just to rent it out, maybe you can take on a partner for the deal so you don't end up being stuck?