I am willing to either buy and hold or repair and resell, whichever option is the best for this situation.

If searching for properties elsewhere and not having much luck, you can just go a few minutes further (in whichever direction).  

If not, at some point when you sell it, you will pay capital gains tax on the appreciation between its value and what it was bought at, either by the LLC or you.Going forward as a rental property, you would convert its basis to a fair market value (or what you paid + capital improvements, whichever is lower) and start depreciating the building % of that (usually 50-70%) on a 27.5 year schedule.

looking to buy rental property in a more affordable place than CA...multi unit or whichever has greater cash flow & appreciation....looking at reno nv or memphis tn or san antonio  tx...or any good place with good property mgt etc...would welcome your input & details.... thanks.

@Nicholas Shepard you can absolutely use whichever bank you want.  

Im going nuts bc my cell phone is usually swamped with tons of calls as it is and I can't keep taking these calls.What do I have to do to make it end?

Mileage is yes for yourself as a deduction as self employment costs.. plus other costs if you have a cell phone for business, if you have office supplies, to mention a few items that you can deduct costs for. 

However there is a really important rule here:  You can only get back either the Purchase Price + Closing Costs OR 75% of the After Repair Value...WHICHEVER IS LOWER.  

However, I'm concerned about doing several calls backs from my personal cell phone.

Whichever, rehab, new, single family, multi-family and/or commercial property.