Patching or resurfacing will be a waste of money.

If you find a scrappy lender, she or he will tell you what needs to be cheaply/quickly patched/fixed prior to the appraiser showing up.

No, the tenant's not going to like that since they knew the place came with central A/C and they even asked you about it when they showed the place.I suppose $120 window units could be a cheap patch job for a while until you can come up with the full $1000 to repair your central A/C.

The house needs some TLC.. needs all new floors, ceiling work (patches, lines, etc.) and new paint all over.1 apartment in back is currently rented at $350, which is a bit low, but the renter used to do yard work for the lady which gave him a discount.My main concern is how well will a 3 bedroom, 1 full bath home rent?

I walked it with my GC, it needs windows, and some basic repairs (patching and paint).  

A good carpet person may take a piece out of a closet and patch it then replace the closet carpet.

Is this a long term trend or a temporary soft patch?

It needs some work. i.e. new kitchen and bathroom, paint, finish hardwood floors, patch the roof, maybe paint exterior...I'm a little concerned because it has well water and a septic tank.

I do not need to do any rehab other than basic paint, patch a few holes, etc.Do you have any lender suggestions for financing under the name of the LLC?

It doesn't need much work, just some patching here and there, and plumbing.