I wanted to start with a cheaper property I could reasonably afford and also learn from.

There is around 500k equity in the property. 150k-200k would get the property fully rented at top dollar with desirable tenants. 100k would get it to where I can rent all the units back out at fair reasonable market rents.

Clearly their pricing strategy isn't working for some reason. 

Most seem to like there to be a business reason for the state you use to create the LLC, either the property is there or you live there. 

Is this reasonable idea for this market?

I am begging someone please give me just 1 logical legit reasoning, not opinion but a actual factual reasoning.

It felt reasonably if not underpriced to begin with and felt like I would lose an opportunity if I didn’t put in an offer for full asking price, they ended up being multiple offers the 1st day on the MLS, so I felt good about that decision.

If you present the listing well, put it on multiple platforms and are asking a reasonable rent you will get plenty of interest and applications quickly. 

Quote from @Bruce Yi: @Gustavo Delgado what's a reasonable additional deposit? 

Quote from @Gregory Wilson: Natalie, I don't usually want to debate what are usually opinions, but this needs some correction.First, as stated above, tax audit issues are about 7th on the list of reasons to have every rental property in an LLC.