@Kevin MartinAs a general rule, a wholesaler can't be trusted to tell you the right time of day, let alone talk about who has what leases with whom.Family members of the current owner are the absolute pig-butt nastiest sort of tenants in situ to end up with.

If it were me, I would be reluctant to assume much at all about their knowledge level and areas of expertise.Happy to help if you have additional questions or thoughts.

If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.)

@Jeff GroudanI took over a mortgage sub 2 and deeded in trust.

Could someone just have filled the basement with sand and boarded it up, or is it possible that the foundation is built on ground level? 

A contractor I trust and does work at reasonable prices2.

At lower profit levels, there're minimal or no tax benefits.If you're married, an LLC filing a partnership return may be the best option.It is acceptable to not have any business entity when you start, as long as legal liability is addressed with insurance.

As far as LVF selection goes, from my research a thinner (3.2 - 4 mm) LVF plank that will hopefully be more flexible to handle the not perfectly level hardwood floor underneath. 

IMO, investing with a partner whom you trust can be beneficial because it (1) gives you a new perspective on every decision that needs to be made, (2) gives you double the manpower to do work to the property, research the market, etc., and (3) is valuable financially (i.e. more cash to the table, able to shoulder more debt, etc.).

Everyone bank accounts are at different levels and if we would have waited to save 20% and have a million in reserves etc we’d still be sitting on the sidelines to this day.