@Eric Smith A 1031 exchange with a related party is possible but comes with strict IRS scrutiny and holding period requirements.

Cheap items will break sooner and require replacement, and will make your place look cheap overall. 

If you don’t know the legal notice requirements for your market make sure you figure all that out before you do anything. 

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Conventional loans will require 12 months seasoning for cash out and are usually capped at 75% LTV 2.

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

Has anyone dealt with a similar situation and still was able to pass the housing code enforcement inspection (1 / 2 required inspections)?

Looks like a good service but they seem to require a minimum of a 100 doors?

What are your requirements?

(eg, if your lot is not the standard 25 x 125, but some other multiple where the width is actually skinnier than 25, and the lenghth is longer than 125, and you want to reduce side setback requirements, eg.)