Your $110K  property is a bad investment based on the rental rate it is returning.It is never a good idea to park cash in a income property, possibly a plan only if you have more than you will ever need and are at the end of your investment life.As a inexperienced investor you may view your property as having a positive cash flow of $500/month but that is likely impossible.

It's worth going if you've never been to one before, but like I said, leave the credit cards at home.Enjoy the pumped up, enthusiastic atmosphere they'll provide, but instead of signing up for a coaching program try a different mission: Collect business cards or contact information for at least 5 people close to you (where it would be convenient for both of you to get together every 2-4 weeks), who are either at your level or one notch above.Then after the event, make it your mission to have coffee/tea/whatever with each of those people, either individually or as a group.

I saw a property, town home 3br 1.5 ba in Suffolk, VA, keep in mind I live in Northern VA.Want to know what you’re strategy would be for such a property:Foreclosure Sale price 30kNeeds cosmetic work, kitchen bathrooms, paint, carpets a little landscaping etc.Property is valued between 85-105kIn my opinion (a very inexperienced one) sounds okay, thats if there isn’t any other major issues in the property.

Risk implies that there is a potential upside and I don't see much upside for the inexperienced OOS investor.

If he’s not the tea and crumpets Type then Maybe a few lotto tickets a bottle of mad dog and a pack of Newport’s would entice him to pay his rent also

Out of state investors, especially inexperienced ones, should not buy a property that requires rehab or is not already rented at near market value.

So again, sell as yourself, sell as himself, buy as a disregarded LLC - this technically does not change the taxpayer and would be permissable for 1031 purposes.I always counsel you to make the deeds match as closely as possible simply because it avoids questions and fluke situations with inexperienced field agents in an audit. 

I keep listening to podcasts and videos in experienced investors who don’t go for anything with less than a 15% return.

For example:  If you found an inexperienced Capital partner and you borrowed $100,000 for the purchase, rehab, and they didn't know anything about flipping a property, you could wind up losing a lot of money. 

The last thing you want to do is put ten's of thousands of dollars on the line and find out that your working inexperienced people or worse... scam artists.