Please be gentle; I'm new at this and it's pretty complex :)Structure / Legal Details- we'd establish market value through a combination of comps from local real estate agent and an appraisal- attorney would establish all required "arms length" aspects including a mortgage at a minimum standard federal rate- LLC would pay us back based on a standard promissory note over 30 yrs Pros of selling to the LLC (I think)- A sale now would be the only time we'd be able to take advantage of the cap gains exclusion on this house bc we won't qualify for the "live there 3 of 5 years" rule due to the timing of our lease and our last time of residence. 

Also, there are no coverages for the most common homeowners' losses like water backup-- it's just standard coverages.3.Youshould get insurance as soon as possible -- there should be insurance on thecondo at all times.

We did notice some water damage in the front of the house but was told the roof is in good condition.

Of course, if it concerns water, that is an emergency.

To navigate this, consider implementing a standardized application and screening process that focuses on objective criteria, such as income, rental history, and credit checks.

There are some good options for cabin style properties if you have to time and funds to invest in upgrading a unit to the current standards. 

Two rentals I have, the water has to be in the owner's name.

Is there a standard multiplier like say 20% of rent goes to vacancy and opex? 

If one system malfunctions, you'll be out of the water.

Their leases are state-specific (which is standard these days) and can be modified