@Kal Airey Hi Kal - I would actually think about placing the property into a land trust vs straight into an LLC, this actually avoids the due on sale clause as well as additional benefits. 

I tend to give everyone the benefit of the doubt and that they are a good person.

The more competitive your market is, the more you'll benefit from personal relationships. 

What are the benefits I get from being active duty military, as well as the downfalls?

He’s investor-minded and will absolutely benefit you tremendously. 

I am glad to have found this site and believe that it will be a great benefit to my investing business.

You'd be looking at 4800sf if you get the full benefit of the upside, and you'd you see $3.85M (Not too long ago people were paying $1k psf... but you'll never see 4.8M out of this property... at least not this go-around) ~ But I always look to add a big cushion on the reno side, hence my $800K-$1M range in initial post. 

@Steven ParksNo you should not do that.The IRS rules prohibit any direct or indirect transactions or benefit between you and your plan. 

I would get a conventional mortgage and put 5% down, You'll still have PMI as a monthly cost but when you reach 20% equity you can usually refi or appraise out of it (ask a loan officer). bottom line is at 22 years old you have the capital to live for free essentially and benefit from home ownership. you certainly have more buying power than $100-$200k as previously stated. $400,000 list price would be $20k down pmt and you could have your closing costs covered using seller concessions.

Doing residential service work you'll most likely end up working for a lot of real estate investors and learn alot indirectly.