I do not not make referrals to third parties without direct contact after understanding the issues directly.

What directions do I need to take to be successful?

This elderly gentleman said that the property has served him well for many years and it was time to hand it over to some else.The property is in pretty bad shape so my team and myself have decided to fix it up and give it to someone else in need for ZERO dollars also.I was hoping that you could point me in the right direction of how I can do something like this and to who I should give this house.I really want to give it to someone that has been suffering for a long time and is need of a home.Thanks so much and I’m really looking forward to your suggestions so please comment below and let me know your thoughts.

I am looking at starting an LLC in order to get my contractors license to be able to apply for permits if necessary.So my question is what is the best way to approach our situation. 

Maybe you should contact them directly and see if they will answer some of your questions.

You should not be receiving anything directly from the previous owner after the closing.It's critical that you review the HUD-1 for accuracy.

Buy and hold Is the direction I would like to head in the future.

Also, if you want to direct message me the address I can give you an opinion on the purchase price and ARV, might be helpful.Btw, you're never going to lose any reputation points from asking questions and wanting information.

The home you live in is NOT an investment...it is however your biggest cost.This is a simple math problem.If you put money in a property and leave it there, it is a negative number = Your cashIf you get money out of a project, it is a positive number = your profit or cash flowIf someone else puts the money in a project, it doesn't count as positive or negative = leveraged funds...unless, you have to pay for those funds = loan interest.However, if someone else pays for those "interest costs", they don't count as positive or negative = Cash flowJust apply all the cash moving in and out of your deal(s) to one of the above definitions, add (or subtract) all the numbers as indicated above, and you will see either a total that is positive...or negative.If it's positive, you are making money.  

The 401k may not transact in any way that provides a direct or indirect benefit to you.Simply "protecting" your property from development as you state could be viewed as a benefit to you.