Draw up an option to purchase that allows you to sublet the property or do a land contract if they are legal in your area for the property if he is unwilling to transfer the deed without getting paid in full so you both have something in the deal but benefits as well.

I understand at a very basic level the importance of legal advice in real estate transactions.

As of today, I'm at a different broker who will let me wholesale on my own under my LLC, and I will give them $500 per transaction for holding my license -- and really, any way you read the legal texts, it does constitute brokerage activity.  

Can I legally sell or transfer (which is best?)

Becoming an agent has costs to operate Day 1 which includes: additional car insurance (required to drive people around), licensing fees, dues (state and national), fees to operate a Supra key, to be on MARIS (MLS), prepaid legal fees, etc.

From a financial perspective I have zero debt.  

I would recommend getting one that had been used in the industry and updated recently.There are places you can buy a premade one- maybe legal zoom has oneOnly use an attorney , if they are a real estate attorney.  

Lastly, with foreclosure there may be additional debts on the property.

@Samantha Klein- Keep in mind though that getting a refi on your property will affect your DTI (Debt to Income) ratio when applying for another mortgage on another property.

Fully leveraged is fine, but make sure that the property you're buying cashflow well enough to cover the servicing of all your debts.