Just a side note you need to understand the mortgage loan requirements and any house that was buying lt before 1978 or 1976 is subject to correcting and accessible to anybody for asbestos correction and that could be harmful for you.  

The first two lines read:(1) As used in this rule, "advertising" and "advertisement" include all forms of representation, promotion and solicitation disseminated in any manner and by any means for any purpose related to professional real estate activity, including, without limitation, advertising by mail; telephone, cellular telephone, and telephonic advertising; the Internet, E-mail, electronic bulletin board and other similar electronic systems; and business cards, signs, lawn signs, and billboards.(2) Advertising by a licensee, in process and in substance, must:Line two makes it seem like regulation is applied if you are advertising as any form of real estate professional.

The main reason to set up an LLC is to protect your personal assets from harm in the event that you are sued. 

Don't make the mistake of raising consumption with your income, but if you cut consumption and raise your income, you'll be in better shape, faster.Cars are depreciating assets, and Millionaire Next Door types know that they're often more vanity than substance.

I highly recommend you partner with a experienced investor so you can learn how to do it properly from the beginning and don't leave yourself in a position that could cause you financial harm or damage your reputation. 

What  you have in reality is $500k in a "cash like substance".  

What you resent will not benefit you, it actually harms you.

And unfortunately in the midst of my aimless pursuit of a post-college career, i was battling toxic relationships, substance abuse, and other legal battles I brought upon myself. 

I am not saying to make a horrible purchase, but if he can get a couple hundred dollars of cash flow and the location is good, I don't see the harm buying a $140K property.

In your Offer to Purchase, check the box [x] property to be delivered vacant at close of escrow.That way, no harm no foul if the deal falls through.