He is more likely going to go back to school for a master's and/or find a fulfilling career, but we have no idea what that will look like or how much money he will make. 

Hello, can somebody help me understand what it takes to be a professional developer who doesn’t have large lump sums of money to invest but is hungry to make it to the next level.

Cashflow, area appreciation, and an opportunity to put low money downHow did you find this deal and how did you negotiate it?

Then I will refinance the mortgage that LLC 2 has andpay LLC1I hope this provides a better option as I have beencalling around and the banks are telling me that if I use my own money I willhave a 6month to one-year seasoning period.

That lawsuit would cost more than the building, if you lose, and if you win you will still be out a lot of money; and way more stress than the batteries.

I think it works for a great buy and hold rental situation, but it is probably a class C neighborhood and you will need to put a lot of money to rehab a 1950's property to get it rent ready.

No, we would be bringing some money to the table for down payment, closing costs, etc.. 

Conversely, if the seller NEEDED to sell the property to raise money for something, a fair price might be closer to that $2-3/sf number.

You have just saved yourself money and a headache from work or workmanship that is probably not up to your standards.Good Luck

Anyone have any recommendations for any of the following:-Local fix/flip mastermind groups or general real estate investing groups-Reputable hard money lenders with a good reputation - ideally one that has reliable contractor references-Fix/flip friendly contractors-Fix/flip friendly agent that has hyper-local market knowledge of North Dallas markets-Wholesalers worth talking to