That's just the nature of this business. 

Does the bank just realize since I own the LLC that has a 51% interest in the new LLC that it naturally flows down to me? 

The seller seeing the interest in their land, naturally did not want to budge on the price.

I desire to begin investing asap so I started the process of  learning as much as I can by reading and watching videos.

Any advice or insights into the process would be greatly appreciated. 

Though, this process will be the same for the other state (if you created a CA LLC you may need to register it as a foreign LLC in the state in which you are doing business/holding property).

Meaning if one partner initially contributes 60% & the other contributes 40% then that would naturally give you a 60/40 split2.

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

Lots of natural light.

He will be taking a leave of absence for the  year.Given the unforeseen nature of his health condition we would appreciate your assistance and consideration in addressing this situation.