Basically you take rents, identify a return that will appeal to the average buyer (in my case it was 12%) and work backwards to get the price that generates that return. 

Before I drop $400k into a negative cash flow property, I'd look around at some other markets to see what that same money could generate for me...

This isnt any different than what Zillow does...generates leads and sells them to agents. 

same with power.. these are generational tricks of the trade handed down .. 

Should I file for an LLC or some other legal business entity to reduce taxes on any income generated from this venture?

There is no way your rental will generate a return that exceeds the cost of credit card financing.

I have seen way too many flippers with licenses list the property themselves, but not get professional photos and not provide the service to the agents that is necessary to generate multiple offers for a flip.

Ultimately, we sold the property within a little less than 4 years from our original purchase while generating a substantial IRR.

As with other residential zones, it requires review and conditional approval of supporting community facilities with greater traffic generating characteristics than the basic allowed residential use.

Commercial property is based on the income it generates not on comparable sales like residential property.