I think we are going to hang in there for a bit and see how it starts to pan out (if the bank agrees to extend closing) we are not in a huge rush.....we never expected to close until much later in the year anyways.

Should I expect for this deal to not pan out?

The original house in this post didn't pan out - they buyer was in upside down and while house would have been great to live in, would not have made sense to rent out so I didn't buy. 

After receiving my degree in Mathematics from the University of Arizona, I became a Equity Floor Trader at the Pacific Coast and Chicago Stock Exchanges.

I set it up with the hopes of doing a bunch of c2c work, but that never panned out... so its there and I will be filing 2nd year taxes on it. 

Sounds like Pacific Heights!

If either pan out I'll be sure to pass them your way.

There are probably no tax benefits for you if you pan to have a single member LLC.In some situation and LLC may offer you additional asset and liability protection but as I said this is not an absolute.

I had planed on attending, but would have had to leave work 5 hours early so it just ended up not panning out. 

Caution... you can make 10% with the Norris group right there in LA and have a straight up investment.. this is a scheme and probably one that does not pan out.. just a guess of course.. and your explanation is anything but clear however any risk for 10% is not warranted in my mind