Your plan definitely sounds doable, mainly because the maximum mortgage limit for Nassau County is $726, 525 for 1-Family Dwelling, $930,300 for 2-Family Dwelling, $1,124,475 for 3-Family Dwelling, and $1,397,400 for 4-Family Dwelling.Your 3.5% down payment will be based on total loan amount, which includes purchase price + rehab costs (remodel, consultant fees, title update fees, inspection fees, contingency reserve, etc.).

Original plan was to repair and continue to rent - but he has been working with a debt consultant who suggested it would best to just walk away as he has some CC debt he could roll in as well. 

has anyone ever taken a fee as a consultant, stager, etc?

Then, after charging you $5000 for the initial consultation, research and feasibility study, he will recommend an offering utilizing Reg D, 506 c instead as being less expensive, easier to sell, less regulated, and have a much better chance of success.  

Before I file for my series LLC, I'll probably consult with Wolfe & Associates to make sure that I fully understand the implications of forming the series LLC and the impact it’ll have on my Real Estate Investing.

I would consult a real estate attorney in NJ to clarify.

I was delayed in getting a checking / operating account set up as I needed to consult with my lawyer on the proper name that should be on the account and obtain an EiN #.

@Brett ArceneauxThere is variation in markets and I don't know yours, but I would consult with a realtor.

Consult your realtor or lawyer.You need to have it in your offer paperwork that no new leases are to be signed by the current owner/PM and include a significant penalty if they do sign a lease. 

Always consult with your attorney before you rely on the above information.