As far as liability... how do you establish an agency relationship in AZ?

That is a great question for your lawyer :) but the way I understand it, as long as you have an established relationship with your partners prior to the investment (and other criteria), a syndication isn't required. 

We have an equity split already established and finalized for both properties.

I'm feeling lucky, would buy a lottery ticket, but gambling without free drinks just feels wrong.

Without this large influx of cash it'd take you 10+ years saving 10% of your annual income to get to that amount and you're willing to gamble on a go big or go home mentality?

Plano is established with a mix of older and new homes.

ABANDONMENT OF PERSONAL PROPERTY72.101 and:(1) the last known address of the apparent owner, as shown on the records of the holder, is in this state;(2) the records of the holder do not disclose the identity of the person entitled to the property, and it is established that the last known address of the person entitled to the property is in this state;(3) the records of the holder do not disclose the last known address of the apparent owner, and it is established that:(A) the last known address of the person entitled to the property is in this state; or(B) the holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;(4) the last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide by law for the escheat or custodial taking of the property or is in a state in which the state's escheat or unclaimed property law is not applicable to the property, and the holder is a domiciliary or a government or governmental subdivision or agency of this state;(5) the last known address of the apparent owner, as shown on the records of the holder, is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or(6) the transaction out of which the property arose occurred in this state and:(A) the last known address of the apparent owner or other person entitled to the property is:(i) unknown; or(ii) in a state that does not provide by law for the escheat or custodial taking of the property or in a state in which the state's escheat or unclaimed property law is not applicable to the property; and(B) the holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or a state in which the state's escheat or unclaimed property law is not applicable to the property.

How would one go about establishing the value of an abnormal property? 

This pursuit has been incredibly fulfilling, engaging and eye-opening; significant relationships have been established and I've even acquired properties for myself along the way. 

I plan on getting into the flip game much once I establish a few rentals that cash flow.