You are only adding complications and costs with the LLC with no upside  This is all assuming there’s been almost zero appreciation and you shouldn’t sell tax free while you have the chance. 

., known for its upscale appeal and strong demand for vacation homes.Properties in the Hamptons attract affluent buyers and renters, offering a high potential for appreciation and steady rental income.he property may have been undervalued due to its condition, presenting an opportunity to add value through targeted renovations.

Most likely trying to find a sucker to buy this and take over the costly legal battle they are entailed in.So next time someone is like "yeah just get a deed in lieu at closing", think twice about that.Actually, I use the deed in lieu.  

This could be less costly and smaller hurdles than you would have with hard money lenders.

The two deals with friends both ended poorly with friendships ruined and tens of thousands in legal fees and court costs.

Unless you're in a Class A Neighborhood like Palmer Woods, Indian Village, Sherwood, etc,. the additional rent probably won't support the cost to build:(More profitable to take the build funds and buy another property.DM us if you'd like to discuss more...

I don’t have any horror stories but every time I go to run a check the cost has gone up.

For a conventional loan, you can borrow UP to what you paid for the property plus closing costs OR 75% of the appraised value which ever is less.  

I would check as best you can before you even contract, but also for sure once you do contract and have the documents in hand.While there are some places for $150,000, there should be relatively few of those any more, certainly in buildings that have long term potential. 

In any case, successful wholesaling REQUIRES the knowledge, experience, and ability to accurately estimate repair and rehab costs and time.