Every time a new listing hits the MLS, it's literally a matter of hours before the first offer rolls in (and several more after it), which makes it incredibly difficult to get your offer accepted and beat the competition.  

This project is incredible.

James, you should consider writing a blog post about your process; I'm sure there's an incredible amount of learning to be taken away from your experience.Best of luck in the transition period !

Being a Realtor, I offered to list it for him and see what the open market would produce.

Although there are some properties listed on the MLS that will produce a return for a flipper, most are listed to high and to deteriorated to turn a decent return.     

If the property can produce a profit, why isn't the current owner getting it?

Being a Realtor, I offered to list it for him and see what the open market would produce.

Once he sees how to minimize or mitigate the risks while still producing income / ROI, I think he'll come around more quickly than if you attempt to acquire income property in your own name putting your personal and marital assets at risk.My $0.02 ...

You need to take advantage of the long term fixed rates you can get with a secondary market loan when you are beginning as they become harder to obtain as you grow.I am not suggesting the LLC because there is an incredible need for it, especially if you aren't going to have much equity, but rather as part of the process.I have always believed if you don't do things correctly when you are small, you will not do them correctly when you are big.This conversation doesn't really even get to the heart of why you may want an LLC to protect what you may have accumulated in wealth so far in life non-real estate.Thanks,

I have purchases from a few years ago that if sold today would produce a good/great return.