They are a great tool for asset protection (when you have assets to protect), but they are by no means the end all be all of liability mitigation.

It should be just one of many tools you use to evaluate.

Baselane sounds like a great tool for managing rentals, especially with the virtual accounts and streamlined rent collection.

Assuming rents will increase surely it will cash flow at some point correct? 

For example, failing to file a Business of Information (BOI) report correctly can result in penalties of $500 per day or even up to one year in jail if the filing is late.2.LegalZoom or Similar Services:LegalZoom can help create an LLC for about $600.

Most places have online property search tools that will give you the owner's name and mailing address for free.

From my basic understanding it would make sense to change it to a rental and then do the remodel so I can claim depreciation on my cost, is this correct or not? 

Grishma GovaniList of best real estate marketing tools from RE/MAX R4 convention

Yes, wholesaling is tough to break into and to do it correctly is to have a good foundation of knowledge on the subject. 

But, he has no ability to take any corrective action he feels is necessary or beneficial.