Most lenders while dealing with 4 units or less (residential) will never want to do a loan to a llc without a personal guarantee, which I’m pretty sure defeats any purpose of liability perfection and llc have no tax benefits

A perfectly fair and square deal would be for us to break the contract and all walk away. 

@Lamar Hickley While in a perfect world, you would buy in a down market, I wouldn't wait for it to happen. 

Buy properties and show 100 perfect reviews then reach out to people and offer to do the same for a reasonable price.Heck, I get approached by people in Kauai semi regularly who are sick of paying the high fees.

If I could get both properties for total of 480k (120k down payment and 360k mortgage), that is perfect scenario.Thank you very much for your help.

My question is at what point do you reevaluate your search criteria or do you stick to your guns and wait for a perfect property and for how long?

You then resell it.It is the same as any for-sale-by-owner and perfectly legal.What is not legal in every state is assignment - getting a property under contract and selling the contract.But wholesaling is legal everywhere.

What you don't want to have happen is you get the perfectly-appraised property and then the bottom falls out of the city it's in and the values go into the trash and you can't recover (different than a general real estate crash, because those tanked values will come back up...just don't sell while they are down).All the while, have that steady cash flow in place. 

Hi Josh, I'm a local investor and agent, would love to chat with you anytime, maybe coffee at the Perfect Cup downtown would be a good start?

They aren't perfect, but can catch obvious issues.