My intention was to minimize my reported taxable income after taking expenses against the earnings through the LLC.I don't see how this would benefit you tax wise.In fact, I would be concerned that by mixing personal business (rental property in your name) with the LLC that you could basically nullify the liability protection the LLC offers  allowing anyone who sues you to pierce your corporate veil because of this co-mingling. 

You can see where an over worked, doesn't care, inspector taking 3 weeks to look at basically nothing,  costs serious cash. 

Save the money, clean it till it shines, maybe basic improvements like a few new light fixtures or at least matching/bright lightbulbs, maybe a few new faucets, some paint touch ups and sell.If you’re hiring a Realtor®, they can tell you pricing in current condition versus pricing with a few minor changes.

That renovation included everything inside the exterior studs (all-new heating, electric, plumbing) and exterior siding.

Since I personally always get the most out of conferences when I have dedicated time after to decompress, digest, and implement what I've learned, I booked a private beachfront villa with some friends for a few days immediately following BPCON (checking in the afternoon of Wednesday the 9th, checking out the morning of the 12th) just a few miles up the beach from the Moon Palace Resort, and we have a couple of beds still available so I wanted to extend the invite to folks here.A couple photos of the villa are below, and some of my favorite features of this place include:- Direct beach access off the back porch- Private heated infinity pool- Private furnished terrace- Private resort access- Wifi- Indoor jacuzzis- Private kitchen- Air conditioningShoot me a DM if you're interested!

The barment & clear title is basically what @Rick Baggenstoss described.

I'm completely new into real estate and only the extreme basics, but still a newbie.

But very unlikely with W2 income and a full time job.But this is an awesome concept as you could basically collect rental income for several years and never be taxed on it due to passive loss carryforwards if those build up. 

IRC covers many of the basic of NEC. 

Basically why they did that was to deter investors from purchasing locally.