If you are doing it with a friend its a multi-member LLC  not a single member LLC (unless you just want to do a JV agreement) so your operating agreement should spell everything out.With that being said there are definitely advantages to having an LLC such as financing and sometimes tax related advantages but  if you are not raising money its may not vital to have an LLC though your own situation may vary.

If the market is great, and it would be a relatively cheap turn, I would raise it to market.

I've pulled a prelim and shows NO heirs or devisees, how can I locate someone related or an heir?

Bakersfield still has some good deals and relatively sound fundamentals. 

When I presented a house to make sound offer on to the one person I was to work with, a relative who said he wanted to go into business with me, he backed out.

In my location the houses are relatively expensive compared to the rental rates.  

Definitely going to want to have everything documented in a legal agreement so objectives and deliverables are clearly defined.You might even connect with someone on BP that's local to Lincoln.Best of Luck!

Hello everyone, I'm relativity new to the forum here but have done much research with all the wonderful resources here.

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

., should I object or just hire a lawyer for myself?