I have been looking on Craigslist & Zillow so far, but again because I don't know much about the area I have no clue what is reasonable.

The free market solves that problem. 

2) How much would it cost me in Illinois to register as an LLC.3) I have no clue when it comes what document I will need for tax purposes.

No clue what kinds of things they put in there. 

If the wholesaler could have SOLVED the seller's problem better than anyone else, he would have closed the deal. 

A well written lease isn't a panacea, but it will solve a lot of my problems.

If you build enough, they may even consider a reduced price or even perhaps owner financing which could solve your financing concerns.Secondly, if it were me, I would analyze the property based on current and potential performance in conjunction with the market.

I would encourage your friend to look at selling his condos with seller financing, it might or might not solve his head.

You simply want to solve their problem while it being worth your time and efforts to get the asset performing.

I reached out to the bank (Stanford Credit Union) and they told me they could extend "a few months" but that does not really solve the problem...They dont want to renewal the mortgage because they are getting out of the business themselves...