I'd be willing to bet they coded in an override or factory reset into the control panel anticipating codes would be forgotten or it becomes locked.

I've been in investing for more than 20 years I'm also a broker so I've seen firsthand the problems that poorly educated / trained agents have on this profession.

I'm particular to that book as that was the very first REI book I read (minus Rich Dad Poor Dad) and it really opened my eyes up to what is possible.

Of course you can offer cash for keys.The studio at $400 below value likely is not in poor enough shape to justify a rehab. 

Remember this there are lots of excellent martials arts but POOR business owners.I looked at owning a school a decade ago but you have a limit on income and not make much money.

I started my RE journey earlier and I've been listening to the BP Rookie podcast religiously (as well as started reading Rich Dad Poor Dad).

The best bet is to get a quote from a bank/lender who offer teh ability to process and underwrite their own loans. 

"Frankensteining" your transaction by buying personally and flipping it into the LLC is poor strategy, albeit done often.Hard money lenders generally prefer, if not always, want a LLC because it also protects them. 

Due to the risk (raw ground and new construction) and duration of the project, I would bet the farm that this project, would almost never, if ever be funded by hard money stance.

If yes then short term rentals is a good bet in vacation areas.