However, if you have substantial equity in it(based off comparables) after rehab you may look and buy & hold as a feasible option.

Lots to take in take your time and if you need any help feel free to drop me a line!

. - Presumptions.It says in part: "...All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved."

There is no substantial difference to the seller correct?

If you've made a substantial downpayment, then maybe not.

This can be waived with substantial reserves.

We have made extensive repairs (more than I planned on, honestly) including a substantial re-wire, plumbing repairs, new roof, insulating of the attic, and we plan to re-side this summer.

Demand and supply vary dramatically in different areas, creating substantial pricing differences.

These two properties were really good for me to analyze the nuts and bolts of the deal and with the help of your input I feel much better about how I'm looking at/for these deals.I ended up passing on the 3 family, as each unit needed work to be done, (two a little more than just paint&carpet) and the owner ended up going with a different offer at least $20k higher than I felt comfortable with.As for the large single fam, property has gone under agreement after I initially offered on it, I believe it went for $285k range which is a fair price, (ARV conservatively $430k) however with my lack of experience in flips and the property needing a complete renovation (near $100k estimated) I was not comfortable in taking on the project.For now I would like to get into a owner occupied 3+ family, for favorable loan terms (1st time home buyer) and cash flow of tenants.

I would talk to a professional but good umbrella/liability insurance should substantially reduce your risk if you purchase without an llc.