That sounds great.

Depending on the stage of a pre-foreclosure your approach would need to be different.

Sounds like you know what you are talking about as far as Cat 5/ethernet.

If you can rent for that high on those priced homes, then I think it sounds like a great niche.  

1. office condo exchange to 2 separate properties (property could be different types) both our names on both properties2. office condo exchange to 2 separate properties one under my name and the other under his name.3. 1 of my property, 1 of his property, office condo exchange to one multifamily apartment - adjust by adding capital so we end up 50/50.4. 1 of my property, 1 of his property, office condo exchange to two multifamily apartment (one under his name and one under my name)I'm sure there a several minor details that needs to be worked out but we are just in the brainstorming stage.

One trick a few custodians use to dissuade folks from pursuing the LLC option is to make it sound more onerous than it needs to be.  

It sounds like a nice idea, if the numbers work out.

That sounds like you might have committed fraud.

@Mike Hottinga, you don't have to setup an LLC since you're just running this business as a Sole Proprietorship (sounds like you own the property in your name).

High end, it sounds low, but for a basic flip/rental it seems like it should be reasonable to get done for $5000.