Find out what his immediate cash needs are and see if you can take it over Sub 2 or see if he would be willing to seller finance a portion if not all of your put of pocket so you can get into the deal with no money down.

There is no need to create an LLC right away; save your money and invest in yourself!

IMO, FSBO websites are a waste of money.

Would a hard money loan be better without 2 years income or another way?

My philosophy is very simple: never sell a property unless you can (a) put the money into something that provides a better return or (b) it moves you closer to your goal.3.

I have never seen a hard money lender have great interest rates and low points.

No money will be exchanged, just my 2 lots for their 1 lot.Plans for the property I'll be receiving are still up in the air.

No extension cords over x feet may be used might be better.If I can install a 240V outlet in my property for a limited amount of money, say $200-250 which I can do if the panel is reasonably close, I am willing to do that as it isn’t a huge cost and may help keep a tenant.  

Equity is where the real money is.

Apparently, I am supposed to choose a sponsor but am having trouble sifting through the plethora of options.