I presented the following scenario to him:- My current self-employment income is as a sole proprietor- While not currently formed, I would look to create an LLC for real estate purposes soon- My self-employment income is small and possibly will not be recurring, so I considered other possible self-employment income streams- I have not done any flips to date (just BRRRRs), but once I do, I would look to do them in an LLC- I also have potential real estate self-employment income in another fashion.  

If you buy through him you will lose money and add a lot of anger and frustration to your life. 100% guaranteed he will be the subject of a future episode of American Greed.

The American small business landscape is strewn with carcasses of dead and dying small businesses that were started by people who did not plan before moving forward. 

Just not enough rental runners here doing it the hands-on fixer old-fashioned blood, sweat, tears, and toil way.

Also, most Americans fall into this trap so don't feel bad. 

Dont forget this is all tracked data... for instance at anytime what the savings rate is, is known and what the average american has in the bank account, say in CA for instance, would be absolutely insuffient to meet a 3.5% down payment, less 30% on a $700,000 property in LA.If almost 70% of transactions is financed, and financing relies on a qualifying income, which is currently half below where it should be (what is required), the question is not if there will be a problem. 

Ours was about $135 per sq. foot, which is lower than anything currently on the market in our area (American Fork).

Google "Lifetime Learning Credit" and "American Opportunity"

In most if not all states you can structure a wholesale deal to do it in a legal fashion.

My first thought was illegal immigration but he's married to an American.