I didn’t see your location in your profile or your post, but assume at least 17% state/federal taxes leaves you with $10k/yr. 

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? 

Had to negotiate to 999,000 only to stay under the NYC luxury tax.

We both work in finance, so we’re pretty comfortable running the numbers.Our combined W2 income is ~$350K, and I work remotely with a very flexible schedule.We’ve saved over $200K across various assets (stocks, crypto, cash), and we live frugally, saving around $100K a year after taxes.

You can always use a software like Turbo-Tax and follow the prompts.

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc). 

Investment Info:

Single-family residence wholesale investment.

Purchase price: $255,000

Cash invested: $100

Sale price: $260,000

3 /1 894 sqft

What made you interested in investing in t...

Investment Info:

Single-family residence wholesale investment.

Purchase price: $255,000

Cash invested: $100

Sale price: $260,000

How did you find this deal and how did you negotiate it?
...

Post Dodd Frank sellers have continued the same bad practice of selling houses to occupants with financing at selling prices that are way high, can't be justified via any type of 3rd party valuation (appraisal, zestimate, tax value, even recent sales in the same area).   

There are tax benefits to running everything through an LLC, but again, seek advice from a tax professional.