Not worth to set up LLC at this stage (assuming that this is your first property).

I have tried numerous times to get ahold of the seller so we can arrange shipment of the remains but at this point I have not had any luck getting ahold of him.  

That doesn't mean anything at this stage.

He is also involved in our brokerage area, representing buyers and sellers, and in addition, spends time coordinating the management of several commercial complexes in north Seattle.Jay developed an interest in real estate investing while in college and arranged to receive credit towards his degree for some of his real estate work.

Worst case scenario you can find private or hard money loans, at this stage of the cycle I know several experienced and even more new lenders who are practically falling all over themselves to make new loans.Also I do recommend @Russell McGinnis’s suggestion of driving around any areas you’re thinking of investing in, to get a feel for the area.

I'm currently in the education phase here and had an idea that I think is good, but not sure...Hypothetical situation: While in the early stages of my investing career, with little track record to approach private lenders with, having $150k to start with, could it be a good idea to find a $120k property, pay cash, spend $20k on rehab, and sell at $170 ARV as quickly as possible?...

It will avoid all issues with foundations not meeting code, load points, and re-arranging windows on the first floor and the brick issues that go along with it.We do quite a bit of work on houses like what I expect you're working on.

IMO the unit may need a serious clean-up and repaint, then professional staging to get it sold.  

He's the one not fully disclosing (assuming he's not) his arrangement with you. 

Presently at the pre-approval stage.