My main concern is that there are too many unknown variables for someone like me with very limited experience.  

Based on my limited rehab knowledge it could have used about 40K in repairs maybe less maybe more.Someone snatch it and flipped it.It looked amazing when they were done and sold it for 175K, kicking myself!

In my (limited) experience around PHX, when you go to sell it, if you as the owner did the work, any retail buyer is going to wet their pants, and ask for about 3 inspections, and a mountain of other documentation.  

With the limitations you have listed, you will be wasting your time trying it on your own knowing nothing about wholesaling other than what it is.

Is it just a limitation for that company or are they legally not able to do a double close here?

Section 306(c) of the Revised Uniform Partnership Act (1997)(RUPA) (a standard statute adopted by a majority of the states) grants LLPs a form of limited liability similar to that of a corporation:An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the partnership.

@Rob Smith - all great points above.One thing that I didn't see mentioned is becoming a private lender for real estate investors.IMHO - this is the fastest way to grow you limited seed funds.You can easily charge 1-5 points PLUS 12-15% APR for short term loans that are secured by real estate.I personally use a handful of private lenders to fund my wholesale business [I don't do assignments, I close on each property before reselling].I never pay more than 65% LTV and give the lender a Promissory Note along with a Mortgage.  

The question I ask to all the experienced BP members out there would be: Is it possible to invest in real estate with so limited knowledge?

At this time the coverage is limited to several San Francisco Bay Area cities and we are expanding to major metropolitan areas.  

Main strategy is to invest in NNN leased properties to national "credit" tenants, presumably to provide predictable cash flow with limited downside.If you're just looking to park your money, it's not a bad option as the broker commissions should be low.