Do they value nicer finishes and design or is that additional cost lost on the typical tenant in that pocket?

Assuming your property is in Utah (like your profile indicates), here's the state law from a basic internet search:In Utah, a tenant who abandons a rental property without notice is liable for the lesser of the following: The rent remaining on the leaseThe rent plus the difference between the fair rental value and the agreed-upon rentThe cost to restore the property to its original conditionThe landlord can also remove the tenant's belongings and sell them if the tenant doesn't claim them within a reasonable time.

A cheap PM will cost you more than a good PM, and that's 8% - 10% of rent.3.)

I was wondering if there would be any advantage creating a LLC or business to pay for the renovation costs.

Going direct saves you and the seller money, giving you a lower cost to entry which helps all your numbers, but you have to put in the extra work to find that deal.

If you own 25% or more of any LLC you are required to register with a FINCEN ID for beneficial ownership by January 1st or you could be subject to $500 per day fines.Have you taken care of business?

His course will cost you 5k plus the downpayment of say $2500 on a property that likely needs work before it's ready for inspection. 

First off DO NOT slash prices yet!

Unfortunately, this costs $$$ that you shouldn't have to spend.

Just a cost of doing business.