My other suggestion is: don't Offer any more than that floor value, because otherwise you'd be in danger of letting emotional attachment interfere with sound business sense.The problem as I see it is that giving it a total rehab that aims to keep its character may well cost MORE than a new best-use build.

An LLC should provide a measure of protection for your other investments or personal assets...from liability that occurs related to assets held by the LLC.  

However, it doesn't sound like you're jumping into one of these hot markets based off your anticipated vacancy rates so you should shoot for at the very least the 1% rule and aim for as close to 2% as you can get. 

Rent: 900/monthUpfront expenses-20% down= 12000-repairs=25000- closing cost=5000- $450 tenant acquisition Total= $42450Monthly expenses-P&I= 218 (3.6%interest)-taxes=116-property management-115- vacancy=90-repairs-90-cap ex=45- insurance=60-pest control=30Cashflow:$136I am aiming for >$100 cashflow in good areas of the town so this fits.

Someone who has the connections and knows how to phrase investor-aimed mls listings.

We have borrowed against our TSP to buy the current house, and used one of our VA loans for property number 30 and aim to use the other for a future owner occupied property.

Seattle, by most measures, is already over-priced for landlords interested in cashflow.

Sorry for some reality in real estate contracts, if you want a contract to hold water there MUST be a financially measurable consideration given as you take an equity position at the time you contract, no money, no equity!

I would recommend measuring your risk aversion and talking with a local attorney to better understand the two options available to you.

Write down your goals as they should be measurable.