I'd suggest building a strong relationship with an agent who can give you proper after repair values as well as understanding if homes are moving in the market.

My wife and I have our LLC set up, but want to make sure all of our ducks are in a row and we are protected properly.

Where can I get the proper agreement/assignment/purchase and sales/rental agreements?

I would for sure add some research to why you're going to be executing some of the initiatives in your plan.

I respect everyone's point of view; to be honest I'm surprised this guy continues executing this strategy (and putting so much of his personal cash at risk) based on the above feedback.Look- I appreciate the advise greatly, and based on more experienced views I won't be moving forward on this..

If you think something suspicious is going on, contact the proper authorities.

The option was not drafted properly and was determined to be a sale contract.

Analyzed properly, rental income would cover expenses and produce cash flow.I am tired of NY anyway.  

I'm currently considering taking action on recruiting as many private money partners as humanely possible for my RE deals and have thought up taking this route: executing Calling up a couple local financial advisors and private wealth advisors(since these are middle man connections to money) and pitching them my private lending opportunities in which I want advisors to present it to their clients and whichever client wants to do deals with me, I'll have them available for funding my deals and I'll pay a "referral fee" to the advisor for his/her help.

The rehab cost could be 5k or 100k, you don't know without a proper inspection and plan.