First,if I were you I would call the local free Legal Aid of Orange.

(http://fortune.com/2016/07/06/walgreens-rite-aid-2/). 

Although, it's fine to buy up to a 4-plex for your FHA-approved primary to aid expenses! 

It seems as if the current state of the real estate market here calls for a bit more creativity on the part of the enterprising investor. 

After a lot of contemplation, I've decided forming an LLC would be best for my business.My original plan was to name my LLC: Peracca Enterprises, LLC, and file a DBA for Chicago Home Buyers.

I'm seeing that I may need to increase my EMD which will aid in my offer being accepted quicker.

If you are now in the very low income rental business but may change to rehabbing and selling high priced property, "Flop House Enterprises" probably is not a good name choice.Personally, I always name my businesses something generic.

I'm looking to potentially buy a house with my best friend, a very savvy, enterprising kid who's 22.

This would just aid in your development as an investor! 

depends on what vehicle you use.. if your pooling investment capital into one fund and for a common enterprise then some sort of PPM is usually required.... no licesne required to do these they just need to be done as 506 offerings.. the sponsor does not need licesne.. you need license in some cases if you are marketing the PPM for investors.. if you have the investors already then its pretty simple.. suggest you SIMPLY talk to a good securities attorney and tell them what you want to do and ask them to prep the docs... usually 10 to 40k for this