I obtained quotes for "builder's risk" coverage to cover the property while it is vacant and under rennovation.  

Total Closing Costs (including commission): $16,637.00Total Profit: $50,179.00 ($209k - $82,184 - 60k - 16,637)Total ROI: 35.29%Total Project time line: 10 months June 2017 - April 2018.The Buyer was obtaining FHA financing.

Is there a way for me to determine what he owes on it, and buy it from Jessica without her actually obtaining ownership?

In hot markets realtors have to incentive to sell low for cash even on highly distressed assets. 

I am weighing my options about how to obtain a loan with technically no income (partnering with family or friend) for my first investment.

I am weighing my options about how to obtain a loan with technically no income (partnering with family or friend) for my first investment.

I would do a combination of stocks/bonds, notes and owning large assets like apartments, probably through syndications.

And do the leg work with some banks/credit unions/finance options to see what it would really take to get into the asset you want.

Owner desires to obtain a zoning variance to use each proposed building as a Two Family Dwelling.

They all said it was the smart decision to protect my assets.