My first project and is it worth it?

Hello everyone, I am new to IM and looks like there are many ways you can make some $ online. As a beginner I decided to give this method a shot and try to create some passive income. I want to sell a product for a small group of people. It's about 1500 avg. monthly searches so its really low and the competition is almost 0. Now the audience I target is a group of people with a very specific problem and should be very interested in my product (an ebook).
So my questions for you guys are:
1. Can an small audience like this generate income. I believe it can, but I ask the more experienced people here if they've done something similar.
2. I've to make up some entity that will stand behind this. How is this called and what are the best ways to do it?
3. I need to know about strategies on how to close the deals and psychological triggers. So if there is something you can refer me too like some keywords or an interenet slang please do, so I can make my own research. If you have some links for webistes I can get an idea from pm them to me please.
4. Also I need some info on methods you guys use to set a price for your products, or do you just price it instinctively?

My goal is not to make a million bucks from this, it's more of a 'breaking the ice' project for me. Any advice is appreciated.

I can only answer to question nr1. and that is that YES, you can make money off of it. How much, that's another question (depends how valuable the solution is for the target audience and how much they are willing to pay for it).

just target a lot of low competition niches and it should work out.