Just be careful to do your title research before bidding on a property.My condolences to you about your friend.

Hey Oren, Your title company should be able to support you with that.

You can create an LLC in the State of Florida online for $135 just visit sunbiz.org. you can then use a title company or get a quit claim deed online and record it with the county government where your property is located.

Once those guys are in place and you have a go-to title company that your realtor recommends and a lawyer.

Your title company should have recommendations.

The other constraint, the seller is not interested in a 1031 exchange if it means owning/managing another property.So far, the only concept I can think of is something like a contingent title transfer upon closing.  

Alternatively, you could do an FHA Title I Home Improvement Loan up to $25k. 

New construction will not be the identical house since everything in the house would be new and the house would be built to modern building codes.

Modest flip, basis 120k, 20k reno, ARV 180+, not exactly 70%, but a fun project near both our personal houses.So I guess in this case we couldn't form an LLC to hold title because then I'd assume 50% ownership in a property with no skin in the game...other than paying for inspections, etc.

*Keep in mind you must be on title for 12 months before you pull cash out via a Cash Out Refinance.