I can pay utilities, insurance, and other holding fees but I won't have enough to pay other cost like listed above.

This would be for long term holding.

If something makes sense to hold for 10, 20, 40+ yrs I say go for it.

Investment Info:Single-family residence buy & hold investment.

Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

Quote from @Stepan Hedz: Selling fees (estimate), $30,000, and holding costs?

Since I’m holding these properties for the long term (30-year loans), I’ll have fully paid-off assets around the same time I’d traditionally start withdrawing from my 401(k).

these rulings over the last 10 years have eliminated much of the angst seen around the "hold for investment" issue mentioned above.  

Then the seller is holding a note for 5 years.