The property under contract:  I found a 3/1 930sqft pre-foreclosure bungalow off MLS listed at $185k, I am using conventional financing but was able to beat out a cash buyer by asking the wholesaler what profits they were expecting to make and cutting them a $10k check and entering into a contract with the homeowner directly at $175k.

As a matter of fact, an overpriced asset is simply an asset offered for sale at a price calculated using a cap rate that is lower than the prevailing market cap rate (i.e. whether in a low or high cap rate market).

So, I was also told not to purchase a property using my LLC as my wife and I have enough financial history to qualify for a conventional loan or a refinance and the LLC won't (I assume this mostly applies to buy and holds and refinancing as with flipping we will not be looking to refinance or go conventional).Most of the advice I have gotten about how to have our LLC taxed is to simply have it taxed as an LLC and file our taxes together.

The banks and everyone else involved ie, Auction.com, are getting a huge cut from the beginning.

Despite entering into a contract to buy properties, he made up a series of ridiculous excuses, changed his financing source at the last minute without disclosure, refused to communicate at all simply ghosting the transaction.

I would simply explain that your property is priced competitively and you won't be reducing rent. 

Simply not true.

It was finally settled just this past October (2018) and a check was cut payable to both the owner of the building and the primary mortgagee, the bank. 

You could simply pay someone to translate or they could bring their own translator.

I assume you mean some kind of code violation but that rarely has any impact on anything other than to cut your lawn by the deadline the code enforcer told you to cut it by or, to remove the car on blocks from the driveway.Open permits?