Waiting for the tenant to move in is the best bet

I bet my freezer has about $30 of food at any one time.

Make sure your numbers are accurate as during the rehab it can hurt you and become a big lost if you don't have the right numbers. your best bet is to partner up with some experience as the first deal can make or break you.

likely wont be allowed to  re use  appraisal ...your best bet to have a chance doing this will be to  work with same lender that just completed the  refinance …...in general  appraisals are  valid for 120 days

You should be rockin' the passive income.I never recommend building because, when the economy changed overnight in 2008, builders were the first to go and have still not come back in force.I never buy land - it's betting on the future.

The inherited tenant class, building condition, the financials and associated record keeping, bet you can't even find all the leases!

And he misses out on all the benefits of it being owner occupied, like tax exemption from capital gains because he doesnt actually own the property.I bet he isnt properly insured on the property either, because if he insured the property in the llcs namr, the lender would have been notified of the change in coverage.

Your PM and / or contractor should be your best bet. 

I bet you could double or triple your cashflow (assuming an 8 Cap) and your appreciation, depreciation, and mortgage payoff will also be much, much higher.

@Uma Bapat permit requirements are town/city specific so your best bet is to call the city.