While not mandatory to purchase in an LLC, I would recommend it.

I ASSUME you’re talking $400+ in extra expenses for providing water, power, sewer, gas, internet, communal area cleaning, and exterior maintenance.

I plan to purchase a primary residence, multi-family home (2-5 units, 'house-hack'). 

Consult with an attorney to provide a purchase and sale agreement in your respective state with an assignment exhibit included. 

That should be your focus, not how to purchase the land.  

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

The truth is, they will keep playing games and milk you for every penny they can, then they will leave the house a mess and cost more with cleaning, repairs, and vacancy.

What's the purchase price? 

Talk to other clients, go look at his current job site and see how clean it is, the quality of work, if the order of operations is making sense so far, etc.PS I'm a GC in the Nashville area and can take on a handful of clients in 2025 if you need me.

Gain is your net sales price minus your adjusted cost basis (purchase price plus capital improvements minus depreciation).