The ARV or "After Repair/Renovations Value" to see how much it will cost to renovate and what it will be worth after the fact.

I am looking at alternatives.Remember @Aaron Washington, and LLC provides some protection from contract suits, but not negligence.

It seems prices are relatively high in the area and that leads me to wonder if I should keep looking for a good deal locally or if it would be a better idea to invest out of state.

There are very few high paying jobs in the area (IMO) so most of the high income earners are working remotely for other places. 

They're also high risk, high reward. 

Yes, he’s providing no parts.

I have experience in MF acquisitions and I'm looking to add value to a team that has already closed at least One 40+ unit deal.

Our strategy is to buy land cash, take construction loan to build the structures.Some napkin math for this strategy:Land cost : $200,000Building and furnishing Cost: $400,000 for each A-frame (Provided we have electricity, well ready )Airdna revenue estimate shows $400 night rate with 70% occupancy.

Since the value of the property should remain static at best and might actually decrease over the time involved and the highest bid amount probably would not increase, any overage going to the OP will decrease. 

For commercial properties, we are 100% LLC but the banks and insurance providers like that on commercial and working against you on SF.