I'm hoping that, barring some kind of unforeseen issue with the foundation or sewer lines (or something else), the additional 4k I tacked on should be enough to take care of those things.I know there are a lot of unknowns at this point, but based on what is currently known, and assuming that there aren't any other significant issues requiring immediate and costly attention, do you feel that this is potentially a good/manageable rehab project for a first-timer, with good performance as a rental property given the potential for cash flow?

Do you have enough reserves to get through a rough patch or unforeseen expenses- on the personal or investment side? 

@David Healey Typical owner occupancy requirement of 1 year from the time you execute the new mortgage aside from unforeseen circumstances.

Get your own title search now anyway either way, cheaper to lose your EM verses assume some $20k unforeseen problem.  

Money is worth more now then tomorrow,  anything extra you can invest it or throw it at the principal or worst case scenario not struggle when you have to make a major repair or one day if something unforeseen happens.  

Repairs, property tax increases and other unforeseen expenses do happen (more often than we like in Wa)! 

I want to protect my assets in case of any unforeseen adversity with right structure and proper insurance etc.2) Will I be able to put my current investment property in the newly created LLC?

They want to see that there are no issues in making payments or other unforeseen problems.

When buying property at today's values, even on LC, make sure you have some money set aside for unforeseen Capital Expenses.

Some offer no contingency, but the offer needs to be really low, enough that it will cover all unforeseen.