He is very good about deductions on tax returns so his income looks negligible and of course banks wont talk to him about loans.

The key is that in order to completely defer all tax you must purchase at least as much as your net sale. 

At the same time I find myself participating in other forums I used to ignore, like the taxes and short term rentals forums, because those have become bigger focus areas (and pain points!)

If you google the Wyoming address it is an attorney's address who specializes in setting these companies up and is a mail forwarding service not a "real" office with staff, owners etc.In the one investment document I read, your investment would be in a construction company with no assets and secured only by a UCC filing.  

One thing to think about are the tax implications of being a Canadian paying US taxes.

Now consider this: all the groups people are spending fortunes to target—foreclosures, absentee owners, probate leads, tax liens—what do they have in common?

New tenant must go through complete vetting, sign the lease, pay security deposit and rent, and move in, prior to the referring tenant getting their $100.

With over 20 years of experience as a mortgage expert and real estate investment veteran, we leverage our mortgage company to secure below-market financing for our clients, ensuring maximum value and profitability.

This provides you with a safety net for any unexpected expenses during the rehab process while also potentially allowing you to secure higher leverage on the purchase price.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.