You don't need to think about the LLC until you have a LOI accepted on a building and your negotiating terms of the PSA.

I'll accept getting a pretty measly profit margin since its my "throw away" first flip.

It was accepted.

It will be a lot easier to know what you can do and get an accepted offer if you have a prequalification/ preapproval letter.

That number obviously goes down with a lower priced home.I would HIGHLY recommend doing conventional over FHA, if only for the fact that you'll have a much better chance of getting your offer accepted.

I lost a property once when I submitted my 1031, actually what happened was it verbally went pending (not accepting backups) the night I turned my paperwork in.

But you sign an Assignment of Agreement contract with the assignee (tenant/buyer) and the landlord/seller which states that the assignee assumes all rights, privileges and obligations under the lease and option contracts which are attached for reference, and that the landlord/seller accepts the assignee in place of assignor (you) and releases the assignor from all obligations under the attached agreements.It's very important to include that line and have the seller sign the Assignment, otherwise you are still liable to the obligations even though you've assigned the privileges away.You can't have your name removed from the contracts.

@Jake Hutchins That's the whole reason why you have a minimum requirement to be accepted.

I am not able to estimate the rehab cost or have an inspection until my offer is accepted because it is tenant occupied.  

If you do form an LLC, you must have a registered agent in the state willing to accept service.