The very first day that a tenant is late, a Notice of Default needs to be delivered to the tenant (you need a receipt of delivery; if you hand deliver it, place it in a sealed envelope with their name on it marked 'urgent/confidential' and take a photo of it placed on their door). 

On the other hand, with an appraisal near the purchase price, that should be enough in this case.

I have done it successfully on my last 2 buildouts, maybe 3, but only because I was able to acquire the properties at a very low price and I did all the work in-house (myself and some hired hands on staff).

LLCs are a legal tool, not a tax one.Transfer from personal name to LLC/Due On Sale ClauseIf one is transferring property title from personal name, a Grant/Warranty Deed would be drafted/recorded to transfer title.

It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

A handful of quality flips, BRRRR's, or new construction can transform a neighborhood quickly.

I have yet to see an underwriting that holds up to my scrutiny that shows that adding a hands off single ADU in single family zoned area that projects a return that justifies the effort and risk.

It would be wise to rectify it before transfer of title so your starting off clean and hopefully won't have any issues when you go to sell down the road. 

That style of learning and introduction to true industry catches my attention as having someone in the space that understands the space to bounce things off of and learn from seems to be the ideal way.I have through a handful of the webinars and follow up calls with different companies and they all basically pitch similar ideas and strategies.

You can wargame scenarios to decide what you think is best.On the other hand, that is a pretty sizeable rehab budget.