And the structure cannot be an older style with under-sized studs, beams, headers, etc. 

The principals got 12 to 20 year prison sentences for wire fraud.  

I'm interested to know how much other house flippers are paying their GC and what type of structure plan they have in place. 

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.  

Bruce -- what about contesting the assessment of land vs 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). 

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.