Closer to the proposed property is better.I hope this helps!

@Caroline Ortego You may inadvertently become a super-star if you are really an effective skip tracer.Of course, finding the target us only part of the battle.When I actively worked deceased owner pre-trustee sales, I hired PI's to find my targets and then I'd contact by mailing FedEx proposal and follow up on the phone.

Ask for a written proposal with a detailed, clearly defined scope.

At this point, your cousin is proposing to give you a half ownership interest in the LLC in full satisfaction of his debt.  

I've just found out about a property for sale by a wholesaler here in NJ and want to know if the proposed offer process is typical.  

Usually local/regional banks will be better and most will consider using 75% of the proposed property's income towards your DTI.

I think you would be surprised by how a commercial lender would be willing to do if you find the right property and present a well thought out proposal with numbers that make it easy for the bank to say yes.

Wouldn’t You want to verify the identity of your proposed partner?

When i propose something, they often are willing to negotiate if they own it outright. 

"An owner intending to make a sale or lease of his apartment shall give the association written notice thereof together with the name, and a current address for, and credit report on, the proposed purchase or proposed lease.