The Seller is responsible for cleaning up the mess and transferring the unit to you in good condition, as advertised.

My initial thoughts are to convert it into student housing where I've heard some people will rent rooms out to international and domestic students and collect a good sum. 

Box; rent can only be paid by deposit.For your convenience, the nearest location to your home is 123 Main Street, City, or you can execute a bank-to-bank transfer using the routing number provided.If you have any questions, concerns or maintenance issues, you may call or text my cell phone at <Google voicemail>, or you may email me at the address listed at the top of this notice.Please don’t hesitate to contact me with any questions about this transition or any other pertinent issue.

He was transferred from England with his job and because I couldn't get a credit check, his folks, who are also English but already lived in the US, guaranteed his rent payments.

Historically you couldn't get conventional financing for an LLC, but as of November 2017, Fannie Mae now allows the post-closing transfer of title to an LLC.

That is simply an easy way to transfer assets.

But the property gets reported on the joint return just like yours.Some clients will prefer to have a "quiet title" transfer done right before sale so the deed matches before sale and 1031. 

They can do a bank-to-bank transfer, walk in to a branch with a personal check, cash, money order, wampum....it matters not; as long as the rent is paid to that account via the deadline.I love this tip. 

I would like to transfer the property to the LLC and the bank is saying there will be a $700 fee with the bank to allow this transfer of title. 

Then MEH, there could be a hundred reasons from the verbiage never transferred across some internet site, to the listing agent forgetting to add it, to the guy having not done anything with his license in years and just remembered he has been paying the $50 every two years to renew it with the state, but hasn't belonged to the board in years.