I have never done that but will be as precise on my information.

One problem I see with that is that, in competitive markets such as mine, going too conservative rather than nailing down a very close cost budget could price you out of the chance of getting it, therefore, I do recommend to any wholesaler or rehabber to really learn how to get more detailed and more precise means to calculate a rehab so that you not only provide accurate info,but you avoid the unnecessary chance of pricing yourself out of the deal.

I’ve used Bill Brown, Premier Home Inspections and P3 Precision Pest Professionals.

Precisely, and that's why I am frustrated, however, I am thinking long term here, the place is great, it will come with a tenant already and this will be a good stepping stone for myself into real estate investing.

My offer was precisely what he owed on the house 92k but he rejected it!

If you have a 1 million dollar umbrella that is usually a bigger target for a lawyer go after than personal assets of under 1 million dollars.There are other things to think about as well.You can't get a convention mortgage with Fannie or Freddie under an LLCYou will have to transfer it into the llc name after purchasevery unlikely but could trigger the due on sale clause in a conventional mortgage on a single familyMake sure to have the liability, fire and title policies done correctly so you are covered after this moveAlso to make sure that you don't break the LLC protection you need to be very precise with your bookkeeping, and keeping up with the llc documentation.LLC also could up your expenses and complexity  if you are doing separate ones for each propertyDon't let the LLC thing hold your back from purchasing your 1st rental property. 

Had I known I would have taken the DU value, it was sad but survivable.Called SCCU and now we are gun shy, I've gotten precisely one bad appraisal in my life (above) but I'm too afraid to ask for a new clown to be sent out, I'm just taking the DU value. 

Your description of the process is precisely why I want to do it and always have.

My analogy wasn't trying to be precise, or something to be dissected from 100 different angles, it was trying to illustrate ONLY that one simple point: If you deal with it, it's not a big deal...

@Adam KochThe answer from @Ashish Acharya is more precise.