Finding the sources of the data, clean it and then getting it to flow is the challenge. 

Pros are tax handling, reduction of liability (degrees), Cons are costs, both at formation and in form of interest rates.

It can be challenging to match up his funds amounts with the opportunities as well. 

I wouldn't recommend anything less than 20% down so you have enough equity and cash-flow to handle a market down-turn, vacancies, etc.4.

The problem you may encounter is this will eat into your profits given the small scale.I know what mean about the challenge of going after a "turnaround project" that is remote...  

They handle all of the storage for you and allow you to email forms, do electronic signatures, etc.    

As the owner of the property you are able to pick up.As for changing the designated GC, you submit a letter to L&I stating you are changing contractors to the plans examiner who handled the permit and they will change it for you. 

Hi Jack,Qualifying for a loan w/o a W2 does make it more challenging.  

Depends on the type of GC you're looking for.The guys picking up material early in the morning at HD/Lowes/Menards are unlikely to run a very tight ship or handle large scale jobs.

That being said I have a couple more options.Option #1: Do a cash out refinance on the property with $100k (property #1) and I would be left with the $60k needed for purchase but nothing for rehab and I don't have enough cash to handle this so I'd have to rely on 0% interest credit cards, some cash, and maybe some other type of line or credit or loan with a higher interest rate.