An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

Ordinarily those tenant vacated damages would be too remote, but it sounds like they were contemplated by both parties at the time of contract.Were I in this situation I would be looking to state law to determine if the EMD is truly the extent of my potential liability as a buyer. 

Plus, Memphis has been seeing some positive neighborhood revitalization, which could lead to nice appreciation down the road.Of course, all the markets you’re considering—Dallas, Austin, Houston, Columbus, Cincinnati, Nashville, and Las Vegas—have their own unique advantages and potential.

So far I am basing it on customer service.

Obviously some potential issues with the lender, but how often do these deals really happen?  

That's it, but a) print out a page for each property you think is comparable, b) make the list of repairs long and inclusive of everything you've done. c) Put larger items first like kitchen remodel......and don't just say 'kitchen remodel', list things like 'custom backsplash tile/Bosch appliances/recessed can lighting/pot filler/etc. d) Cite the price/value of the work done, and don't be afraid to be generous.

Once could purchase the land (and potentially other land/real estate in the future).

- The increasing cost of damage repair and potential mold growth

Staging is the process of arranging and decorating your house to highlight its best features and make it as appealing as possible to potential buyers.

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.