If you consider an FHA 203K rehab loan, the FHA guidelines will require both you and your wife to be on the loan application.If you decide to purchase as an individual with a conventional loan, then take on the flipping costs out of pocket, then sell for profit, you would be able to not be in an LLC and do it with only one of you. 

Why would you even consider an inspector coming in before you had some some basic work to bring it up to code?

One tip I have is to consider an attorney from a small town in Texas.

Also your offer goes straight to the bottom of the pile after the other offers that do have pre-approval/ proof of funds and not all listings will even consider an offer like that. 

You can transfer to an LLC via a quitclaim, but if your idea of for liability protection, you might consider an umbrella insurance policy.

So, in either of those scenarios (low equity or high equity), it seems like an earthquake policy could make sense, particularly if the person didn't have the cash to stay afloat if an earthquake demolished their property/properties....Would you agree that in either of those scenarios (low or high equity), it could make sense for an investor to consider an EQ policy?   

Hey, as Joe mentioned above I would ask the lender to please provide in writing what they consider an investment property, that way you can avoid getting yourself involved in mortgage fraud.

You thought you accounted for all the risk (eviction) but did not consider an appeal to the foreclosure.   

If you have high liquidity in your assets, you could also consider an Asset based loan for your primary or investment. 

I personally wouldn't even consider an offer unless I saw the inside of the unit.