Depending on how the transfer is structured you could have many different possible outcomes.

Then even if you can do a condo conversion you must make sure of all of your soft cost such as architectural design, civil and structural engineering, permit cost and know something about how the property would be appraised for property tax.

,can something like this be structured, and how would it work?

I still need to read up and get advice on how to structure something like that, but I feel pretty good about discussing this option with my brother now.  

The structure is sound though.

From other reading I've done, I know that many businesses feel there is an advantage to registering their LLC initially in Delaware or Nevada for purposes of helping to conceal ownership as well as Delaware's structure for handling business litigation matters. 

Since the structure does not touch the higher risk zone you should be in the clear. 

I would have structured to offer money to entitled seller pursuant to interloper using my expertise to 'give Bootsy the boot'.

My thinking is a good contractor, or an inspector, should be able to spot needed structural repairs, to make up his bid.

I'm trying to wrap my mind around how to structure it.