I have great credit(815) and money for the down payment and repairs so i dont see what the issue is....i dont want this deal to slip by so i need some advice on how to structure the deal. 

Again, looking for ways to lower my debt/income ratio so I don't have problems taking out a 2nd mortgage in the futureIf I buy it under an LLC, does that change the structure of the mortgage the bank will give me?   

There are professional business owners that can do much better but they tend to own many locations where they can scale and put in structure to get more passive and away from day to day activities.

We're looking at structural damage on that side of the house which will cost yours of $6,000.

Find the hottest cash sales zip codes, talk to a bunch of home owners there, follow up, negotiate, and only contract homes that you have structured killer deals with. 

Again, I'm sorry that I don't understand the intricacies of how this all works, and I guess what I'm in search of is a bit of clarity and direction of how would you folks structure these assets and how would you go about insuring the assets?  

Point Breeze and Brewerytown are both very popular and the price points will be much higher in those areas, even for shell properties. 

Have them all get on the phone with a CPA and Attorney and create a Asset Protection plan and structure.

I may potentially may want take on some debt further down the road once I've built up a decent portfolio (ie. in 5+ years).What is the best structure to set up at this point?

They will be able to help your friend choose the best type of structure to suit the investor's needs.