I have seen a lot of these type of places for sale in TX and wish i could just pick one up and drop it in CO to do the same thing.

- Weekday activities: What time do you wake up? 

He is interested in REI, has good basic knowledge on REI and has more than enough saved up for down but hesitate because of current market, interest rate, rental demand, capex, first investment jitters, draw of stock market, etc, etc. 

I can update flooring or touch up the kitchen, but no roof, plumbing, HVAC renovations.

In my mind, the liability and possibility of harming the seller outweigh the rewards.  

I have done my research on setting up the proper entity structure in the US and Canada but I really confused about all the options available LP, LLP, C-corp, S-corp.

Those issues can usually come up during an inspection.You won't need floor insurance unless you're in a FEMA flood plain.

I plan on humbly taking any and all information but most importantly, using this information and never giving up.

If a seller wants to sell for future value they need to do what is necessary to bring the value up to that price. 

Cut up large portions and freeze.