Essentially what you want is a little old lady house.

After people tromp through it you'll essentially be selling a "not new" unit like a demo car. 2) who's paying for transport?

So essentially, I am hoping to get some deals where I pay less than 80% of appraised but I want to pull out the full 80% to maybe grab an extra few thousand dollars- but I need a quick turn-around. 

Essentially he just wants to be passive.So is the proper route to create an LLC between him and I as partners then have a lawyer draw up a contract outlining the percentage of ownership I get by doing all of the work?

Many different operators offer essentially  similar terms.

If you are going to be doing agreements with seller financing an attorney becomes essential. 

Tell the bank it is essentially worthless and renegotiate with them to acquire an assignment of their interest to you for a very small amount. 

Essentially they know how to get in and get out. 

@Vladimir Fefer all the wholesalers I know are still working through this, but essentially, yes.

I realized after posting this that I forgot to specify that the $1985 rent includes my share, so I'd be getting ~$1500 from my roommates, and then essentially breaking even when/if I move out and continue to rent it for ~$2k.