I believe that there are far more good people than bad, and that the unsavory actions of a few sully the positive efforts of many.  

It would take an unlikely and unreasonable effort to match their results in very brief amounts of time, though they are the first to tell you that their results can and will be repeated by investors time and again.But recently, I've come to adopt a more grateful worldview.

This could be a bad move, as if a loss occurs your claim would likely be denied since it's vacant, with no effort/intent to rent.

I would like to know if anyone has any recommendations on whether or not setting up a third business entity for the joint venture itself like an LLC and if it is worth the effort and expense.

I make evey effort to make any of my business relationships mutually beneficial, so just let me know how I can help!

As you stated, without my efforts he wouldn't be able to invest in real estate, at least not in this manner. 

Takes time and effort, but you're on the right track with the home inspectors.

If you are putting in the time, resources and effort to properly market the deal then you should get paid for your work (although maybe at a discount to partnership or w.e you agree upon). 

Account Closed   The key reason for using wholesalers is to leverage your time and effort.

More money and effort goes into saving up for real estate and searching for the right house.