Any sort of shortcut is not to replace a proper analysis and thorough due diligence, but if you're analyzing a ton of deals, a quick a shortcut may be helpful to determine if a deep analysis is warranted.

@Jim Growfer think it's okay to use the 50% rule to quickly gauge NOI and determine if a project is worth deeper analysis. 7% interest is high and yes, that would be a bad deal if you only netted $10k on a $2 million purchase.

@David Ferreras First you'd need to determine whether you want/can be active versus passive investor.

No title insurance, no closing, just meet up with cash and sign everything over.

Include a link to sign up for your buyers list.You have to be a pro member, but It’s well worth it. 

He is willing to sign a 5 year lease with me, I do renovations and then I can rent it out until the 5 years are up (I plan to include a buyout clause if he changes his mind) He gets the home renovated, I get into real estate without having to buy a home right now.

They are allowed to sign or move.From your explanation, the tenant "seems to have invited other people" means you don't know if they already have permission to be there.

3- If there is a determinable factor for the difference between the three above descriptions, how do most Make Ready companies charge for them?

Now that the property is owned by the LLC, do I need to bug/confuse the tenants with having them sign a new lease with the LLCs? 

I have an investor lined up but he said he needs a signed purchase agreement before he proceeds further.