You have two unrelated questions here.Question 1My impressions of your LLC setup is that having the ownership change over time is too complex with the potential for misunderstanding. 

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

Hey Aaron - I am over in Tampa, closeby. 

The other is Rick H (https://www.biggerpockets.com/users/rtpg1) he's also commented on quite a few title issue/ AP/messy deal threads over the years and has quite a bit of experience. 

If the market is tough, I reduce the rent rate over the full 12-month term.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

FWIW I'm a current Pit owner and have had multiple dogs on the breed ban lists over my lifetime.

(make sure you are budgeting for maintenance and management if you plan to use it) Rent will increase over time and your property will continue to appreciate in value. 

@Veronique Leroy I would say it is possible if you force equity, hold for a few years and then sell and then average the return of the whole profit over the timeframe of deal.

I’ve owned different residential homes in California, both sold off market and for over asking.