Unless an LLC has assets to back it I highly doubt a lender would make a loan to it.In the interest of keeping it simple...1.

This is a simple deed from you to the entity. 

A simple mistake can cost you more money or time.Here's a pretty good guide: https://www.clarkcountyohio.gov/DocumentCenter/View/5210/CCO...

It's a simple rental arbitrage. 

If long term holds aren't working right now because of high interest rates, maybe look into mid-term or short-term rentals.If mid-term or short-term rentals don't work for a property or market, consider simple fix and flips.If entry prices for simple fix and flips are too high, maybe look for major renovations. 

Characterizing an LLC as equivalent to fee simple real estate can only be done with single member, single asset LLCs.However, in a drop and swap scenario, the LLC would dissolve and the assets be deeded to the individual members. 

Simple, close and then put on a few shingles if that's all that's needed, then get insurance.

Is this a condo, or is it owned fee-simple?

The answer is simple and it has to do with gross vs net profit.

In the longer run if it doesn't make a great rental it likely will make a great home and you'll capture that through equity/appreciation.