Some of the proposals for eliminating the estate tax also eliminate the step up in basis at inheritance, though I don’t know if that would apply to all estates or just those over a certain value.

That is where my incremental proposal came from. 

Always check the on line feedback for the proposed carrier.

I am aware of the tax benefit.What I talking about is what you are proposing. 

There is proposals for big luxury condominium buildings to be built out that way.

Not saying that's what you're proposing, just a perception from cities you may be faced with.We got our start in real estate house hacking our primary residence renting an ADU as a short-term rental.

That will depend on the language in the wholesaler's offer to the owner - if they have an inspection contingency etc etc, and their relationship with the owner.What could be done is that your nicely printed proposal for 16k could work its way to the owner, and drop all prices (wholesaler's and yours) accordingly.

Does anyone have a good proposal format that I could follow?

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

I'd start by asking them what they would like to receive and let them make the first proposal.