Is an LLC necessary at this stage in my wholesaling business?

I'm in the beginning stages of finding my first flip (Chicago area) and am looking for different financing options.  

The senior is foreclosing on Jan 6th, and it's probably not going to get retail value at the auction meaning that there will not likely be any excess proceeds for you to claim.The only good thing about that note was that it was signed by husband & wife, (now estranged) and you could sue on the note as the husband works and has assets, at least according to the Wife's bankruptcy schedules (You can find on PACER; The BK was dismissed anyway, but it was still a useful source of financial information on the debtors).

Then I view them and decide which of the two needs to be inspected and progressed to the next stage.

I intend to compensate, but I want to know what other ppl have done in the past in the early stages when they are requesting several comps with no actual deal yet.Michael Seeker 

Luckily my back ground is construction and have been negotiating contracts, SOW and COI for the past 25 years and have learned some things the hard way.I have a few calls into agents and sounds like there are a few policies needed depending on the stage your in.

Once you have significant cash reserves, however, and you are not planning on picking up another unit with the excess, you could pay down the HELOC.

And, make sure you are not putting any of your dollars into their pockets at any stage. 

I was under the assumption that as the owner of the second if the property went to sale and their was excess money It would automatically be paid to the second. 

At this stage I do have some cautions about some of the markets you mentioned.