After going through that book and the notes, you'll be 90% smarter than most investors in your area.Next, make a spreadsheet with a list of problems you could face, then rank them based on which ones you are most likely to face next.

A pro is that just surrounded by five bases which helps stabilize the economy. 

You don't want to buy something based on our online advice and get stuck.Personally I am not sure you would profitable in Seattle.

I will say the until that hadn't paid did end up doing so, but that concern would be there for awhile based on how he started off. 

Based on a cursory reading we might be able to help finance this project for you.

They do not do asset based lending for LLC's.

My initial thoughts would be to secure a construction loan for the total rehab amount based on the entire property's ARV.

Yes we are all based in Austin. 

Based off experience can you provide some recommendations on if this is a good idea and how to address his rent in this situation?  

Seems like the market value they are using might be low based on the minimum bids listed.I was looking at a property with a min bid of $35,000.