You won't get a straight answer here since this is a question for a professional that you would normally consult with. 

If you already have the buyer and the seller in agreement, you can probably skip the LOI and go straight to a contract.

Never heard of Investor's Edge, but this sounds like a straight up scam.

Go straight into focusing on creative finance, subject to, and minimal cash down deals and build from there.I want to hear your thoughts on what direction to take here if you were in my shoes given these constraints (full time job and a few thousand saved) and you want to optimize for passive income first, then value appreciation?

Such as unplugging smoke detectors, flushing things down toilet not meant for the toilet, etc...

Just straight information and super friendly atmosphere.

This would be from the same carpet company I used when I fixed up the house, so not trying to gouge them or anything.I'm looking for some guidance in this situation, pitfalls I could run into, or just straight up illegality.

However, if you're tackling rental properties, it's best advised just to connect and work with a reliable and resourceful contractor who will shoot you straight. 

Send me a Direct Message so we can determine if we are a good fit to work together and help you flip more properties in the Houston, Texas Area.I have a straight to the point and no BS approach so you will find some values when you reach out.Thank you 

In CA, there used to be two different house numbers and it was straight forward to rent them as a separate unit.