I would take that $40k and identify an area that is up and coming, near a college, university or employment draw, and purchase a small condo as a rental. 1 Bedrooms or studios make excellent rental investments. 

I've given him an offer but we wants a kick out clause in the event he receives a better offer during the option period.

I have excellent credit, make about 75k/year with no OT, no other debt than my truck payment, and I have about 50k to put down.  

how do I setup and llc to receive private loans to flip properties?

I have my property listed on websites and have received applications (with background/credit checks), along with many requests to view the property.

@David Bokman Makes an excellent point. 

s to ask to limit 30 inquiries down to 3 in moments;)  I do not spend time receiving 96 'is it still available?'

When I receive a deal and I plan to make a quick and dirty valuation what is the right approach ?

I would wait to find a tenant before deny anyone.Some jurisdictions require you to process applications in order received, otherwise you can concentrate on the stronger candidate.Sounds like you could benefit from a systematized way to rate applications. 

I didn’t know until I checked to see why I hadn’t received any leads.It’s now been 5 days of emailing, webforms, and phone calls, all of which have gone unanswered.I’m no closer to getting my house rented, the one lead was a no show on Saturday.