How are deals like this usually structured? 

Any advice on how to get the process started would be appreciated. 

Structured construction schedules.

YES, I do provide a bonus / penalty structure to my contractors.

The seller is out of state and even visited the project a few times to check on the progress which I think helped him feel good about the whole deal as well. technology made the whole process a lot easier in the interim.

The biggest cost variables are structural surprises, electrical/plumbing overhauls, and environmental hazards (asbestos, lead, etc.).

Registering as a foreign LLC allows you to maintain continuity with your existing business structure, branding, and EIN while operating legally in the new state.

Rinse and repeat.It's my first time going through the entire home buying process and it's all a bit overwhelming and daunting.

I have heard of Kin and I believe their structure is pretty funky in terms of how they are capitalized.

It’s crucial to consult a real estate attorney and tax advisor to structure the transfer in a way that minimizes tax consequences and aligns with your objectives.