The point is to work for knowledge instead of the $11k price. 

I am pretty new myself to real estate investing but my plan is to own many LTRs .

You can pay for expediting for plan reviews and the best way to "expedite" beyond that is to make sure that your engineer / consultants are submitting complete packages each review cycle.

The Idea is to create a new real estate asset class - the Room Condo. 

Plan is to hold as long as my IRR is higher than 10% What made you interested in investing in this type of deal?

If your goal is to rent the property post-renovation, you might pair a DSCR loan with a short-term hard money or fix-and-flip loan to cover the rehab costs.

I've had qualified renters move into a rental, add their bum friends or family members, and then disappear, leaving me with bad renters who weren't approved and aren't on the lease.The best practice is to screen every adult, approve them, and add them to the lease. 

A good rule of thumb is to have 3-6 months of expenses (mortgage, utilities, insurance, etc.) set aside per property for emergencies.

You do not need to have it under an LLC to take depreciation, the LLC's purpose is to protect your personal assets should you get sued.  

My goal is to have 3 rentals on the property.