We have an existing mortgage (backed by these 2 lots and 2 others) and given the increase in appraised value there is no need to pay anything back to the lender when selling the lot.

I used Zen Business to setup my first LLC and it was super easy.

Often, they don't need to be moved in by the time of the appraisal, but if you have a signed lease, first month's rent receipt, and a receipt of the security deposit then the lender will often treat the property as occupied which can help increase your max loan amount in some cases.

The rentals are scarce and rents have increased in recent years.

More business than investment.

LLC Taxation for FlippingSince you’re flipping the property in under 12 months, the IRS usually treats it as ordinary income because it’s considered a business activity, not a long-term investment.

The quote I posted about the 7 business days is directly from their webpage.

Last year was back to earth; a glut of available properties drove the rates down for everyone and a drop in visitors also increased vacancies.

The previous landlord only collected half month rent as deposit, and I would like to increase the deposit to standard one-month.

However, once converted to personal use, you can no longer claim depreciation, and the accumulated depreciation will reduce your adjusted basis, increasing your potential taxable gain upon sale.