I have the cash to purchase, I just can't formulate a business plan that makes enough sense.

While I understand the limits of my own experience, I believe that it is possible to build a real estate portfolio without losing money/making mistakes by learning from the success of others (i.e. a successful mentor); formulating a profitable strategy (i.e. education); and application (i.e. action).

I created the opportunity, put the team together, formulated the LLC, negotiated the price, and did all the research to ensure a low risk underwriting strategy.

I know there is legal zoom and companies like that but I'm not sure if this is what I should use to formulate my company.

Lol I was trying to formulate strategies trying to explain seller financing to the seller.What about if the owner still has a mortgage?

Yes, you should definitely begin formulating a Plan B, because lenders are dragging their feet to make new loans, given the systemic uncertainty.For some of the reasons why, check out this thread:https://www.biggerpockets.com/...

He has a board of directors that are asking him why he has not foreclosed on the asset, yet continued to give them a construction loan even after they where in default.If you want to know what effect this has on the bank, here is a good article that will save me a few thousand words of typing.http://www.allbankingsolutions.com/Articles/NPA-im...Now that we understand the bankers position we can begin to formulate our plan.

They present me with their potential CAP rate, and after discussion of costs we formulate a plan to purchase.

Based on what the camera determined, with the belly being in the main line outside of the building, you can begin to formulate a solution.First, with all the backed up sewage removed and cleaned up inside the building, and your line jetted clean, is it draining fine now? 

Use the actuals to formulate an offer that works for you within your parameters and return requirements.