Now the classes teach the legal stuff and put you on a baseline but they don't teach you how to actually sell or farm markets so I would study that stuff. 

This means that the buyer has no equity in the home until he takes legal title.

Don't take legal advice from a forum.

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My question is: Are there any legal issues to consider in cold calling/reaching out to owners of visibly distressed or vacant properties?

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You can not terminate a lease without legal justification.

An LLC is considered a separate person legally. 

Just mostly ignore any discussions about tax and legal.

There are several legal ways to do this.