I have budgeted all of my properties to use it, and it allows me the ability to own two investment properties 1000+ miles away from where I live.

Would it be possible to enter into a purchase agreement with him, subject to him obtaining the ability to sell from the court?

Ive seen people put out of business for violating that unwritten rule.The other important thing an agent needs from you is to see that you have the ability to close a deal.  

Legally, you're only allowed to take on representation in areas of your competency and it sounds like residential representation is not an area which you nor have access to the data and systems that will allow you to professionally arrive a pricing and the ability to market such a property. 

If so, I will do so as I am not confident in their ability to pay the rent. 

For a hold, I would also make sure that your rents are on target with at least 3 property managers and see what their absorption rate is (ie how fast it will rent).In your reno, I would recommend you budget to put in another full bathroom, that will help secure your ability to rent. 

lenders just don't want or like landlord business, so they make nonsense up to turn away the landlord business they do not want in a way that does not violate the Equal Credit Opportunity Act (it is perfectly lawful to discriminate in mortgage lending based on "lack of time travel ability" as that is not a protected class).

-  to be financially successful in my opinion it requires integrity - honesty and the ability to be able to keep your promises to sellers -So many MOTEL trained - so called investors/wholesalers just don't know what they are doing - they don't understand contract engineer - making full disclosures............... they just want to rip off some fast equity from sellers. 

Ability and willingness to sign guarantees for loans may play a role in what percentage a particular member may want to take in the LLC. 

I'd say that is just being scared, they often point folks in the right direction without a bill, you might get limited advice (better than none) to guide you if you really can't afford for them to do everything, they can look  over something and point out any issue, tell you what to do or fix it telling you your benefit and the cost.