From an income tax perspective, the LLC provides you with absolutely no benefit.Even from a "anonymity" perspective - if that is a Single Member LLC, the K-1 from those syndicates is still required by the IRS to be issued directly to the beneficial owner - you.If you don't make it a single member LLC, say your spouse is also a member, now you have a partnership tax filing - if it holds a number of LLC interests, it is now a partnership filing that is a pain to file to roll all of those activities in and report it on to your personal returns.In short...most likely it is best to keep it simple. 

I'd like to add another perspective I don't think has been mentioned yet.

I wrote a piece on wholesaling from end buyer's perspective you might find helpful.

Why not just ask the seller since they'd already declined a $1M offer instead of having us do more work.From my perspective, if they want to sell, they have a verbal offer they can accept, and if they don't want to present a verbal offer, the seller probably isn't very motivated.What would be the point of sending a formal offer in this scenario?

But you get to glean differences in approaches and views.Thanks for your perspective Henry!

Having a partner and getting a different perspective has been so valuable for my journey.If you've had some difficult partnerships, be honest with yourself?

Gives new perspective to letting a dog lick your face

And depending on the conditions, would we want them to happen (from a larger societal perspective)?

Here's a RE broker's perspective:  I get plenty of investors wanting to invest in Iowa all days of the week, but I'm not worried about trying to get out of state investors to invest. 

For added perspective, Philadelphia's true class A neighborhoods trade for more than $250K per door so there's no shot you are buying true Class A or Class B buildings with your budget.