Then I will refinance the mortgage that LLC 2 has andpay LLC1I hope this provides a better option as I have beencalling around and the banks are telling me that if I use my own money I willhave a 6month to one-year seasoning period.

I think it works for a great buy and hold rental situation, but it is probably a class C neighborhood and you will need to put a lot of money to rehab a 1950's property to get it rent ready.

No, we would be bringing some money to the table for down payment, closing costs, etc.. 

Conversely, if the seller NEEDED to sell the property to raise money for something, a fair price might be closer to that $2-3/sf number.

Anyone have any recommendations for any of the following:-Local fix/flip mastermind groups or general real estate investing groups-Reputable hard money lenders with a good reputation - ideally one that has reliable contractor references-Fix/flip friendly contractors-Fix/flip friendly agent that has hyper-local market knowledge of North Dallas markets-Wholesalers worth talking to

A simple mistake can cost you more money or time.Here's a pretty good guide: https://www.clarkcountyohio.gov/DocumentCenter/View/5210/CCO...

Does it usually cost money to have a contractor come out and do this?

With my dreams of controlling a rental property next to me dashed due to poor home structure I started thinking this building used to be a home so why not flip it back to that and make some money off it!

All you need is a team, :) Well and money LOL,  Lol, money I have, the team is the roadblock.

Both are making money and have reasonable cap rates, a bit lower than I would like, however, not horrible Imo.