Just make sure it cash flows and you understand all the expense you'll be responsible for.My first two properties have been essentially turn key, although not from TK providers per se. 

Imo on your first deal, just hit a single, get something essentially turnkey ready. 

He told me that it wouldn't be possible, and that I either had to rent the rooms out individually or essentially kick out my current tenant to rent out the entire apartment.

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.