From all parties it was not handled right.

LLC Structure: For the LLC structure, would it be best to create a new LLC for each flip, or should I just create one LLC that handles all of my flips?

Hi Ryan, the appreciation might be worth the wait if you can confidently handled the cash flow.  

Hire an attorney to handle this, or it'll cost more and take longer than necessary.

If convicted of bank fraud you may be facing large fines of up to $1,000,000 and/or imprisonment of up to thirty years.Posted without comment.Okay, so one comment:Just because someone in your community says it's okay to do, better clear it with the feds first, or you may be talking with them later..This reminds me of a Subto in California that went bad and wasn't handled correctly. 

If you ever decide you want a more passive approach, there are turnkey companies out there that handle everything for you.

Quote from @Greg Grisez: How do you handle this one? 

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

The PMS around here are pretty terrible, I've worked with a lot of the larger ones in Cleveland and I think they just take on more properties than they can effectively handle and don't hire enough additional employees to make it work. 

If that's not an option, I would recommend he look into his state and local municipalities' rules on how to handle abandoned vehicles.