What small work was completed, was done by other people.

Everyone completes an application...don't you want to know who will be occupying your property? 

The sale proceeds likely won't fully cover my loan.I have a few questions: What documents will I need to complete the buyout of the first lender?

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

thanks. you will spend more time trying to figure out whether or not its required than actually completing the form. it takes five minutes. 

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities.

If yu claim one it doesn't void the option to claim the other one.Provided you meet the IRS requirements for both, as a tax strategy, you could complete exclude a portion of capital gains under Section 121 and then defer the remaining capital gains under Section 1031 (@Dave Foster is a great resource for 1031 exchange). ..

The some of the repairs need to be completed before renting out.

While I use it primarily for noise concerns (it alerts me for sustained +80 decibels), it's also handy for cigarette smoke and tracking temperatures (in addition to our Ecobee thermostat)- sensors on all exterior doors and possibly windows (which you might have via smart locks for the doors)- exterior camsA recent guest for reasons only known to them set the thermostat to cool and 60F in the winter (where it's currently a balmy 11F). 

We decided on this property primarily based on location.