However, by the time we wrapped up the rehab it was practically the holiday season which is typically the "slow" period in Metro Detroit for both sales transactions and renting properties.

Little longer on the hold period but profitable exit.

The new buyer wants our LLC, so that he doesn't have to go through the waiting periods to tear down. 

Hey Maungmaung,You can definitely ask for the rent rolls for the seller and after you're under contract and during option period you can ask the listing agent for copies of the lease agreements.

If you have owned a rental property for a significant period of time, when you sell most investors end up paying somewhere between 30-40% in taxes.

If you are doing projects I would just advise all contractors of the possible thefts or vandalism that could occur if things are left at sites for a longer period of time. 

Some lenders are okay with you changing the operating agreement right away and others will require a seasoning period. 

There're two periods where the home price went down, first in 2008-2009 but that's due too many "distressed sale", currently we have no distressed as sale as mortgage is being underwritten properly.

Is there a bank or CU that will refi without seasoning period?

Even during a 5 year holding period a properties value can double increasing equity substantially.