I don't think opening a bank account will be an issue, you can likely open a trust banking account depending on the trust structure (revocable vs. irrevocable). 

The unique part is that the duplex is in the city and is on a huge corner lot that is 1/3 of an acre so could potentially hold another structure and the sale also comes with the neighboring lot that is smaller but is also large enough to build a structure.  

For example there are 3 or 4 major utility companies just inside of Fayetteville and it seems like each property has a different structure/utility company.Other expenses = major capex (roofs, plumbing, flooring etc go bad eventually so I would save a monthly amount in a separate account for when these happen). 

Bruce -- what about contesting the assessment of land vs structure?

There may be other ways to structure it, but yes, FHA would require him to qualify on income but if he has not been earning income as a wholesaler for 2+ years and has two years of tax returns to show for it, it is unlikely he would qualify.

The difference is going to be how do you structure the deal without giving up most of the profits and keeping this guy happy ?

@Jason Malabute Yes, it is easy and straightforward, UNLESS you have a complicated structure in your LLC.

I do have liability umbrella insurance, but I want to set up a better business structure for long term growth the correct way.

Many of us specialize in recovering the money you left on the table during the past 3 years. it is called amending your past tax returns.Still, the most dramatic difference we can make is in helping you structure your business and your real estate deals in the way that will minimize your future taxes.

I know there are many great tax breaks too from my listening to the BP podcast so I presume that owning property in a company is the best way forward in the USA, much like it is in Europe, is this true and if so, what company structure is best please?