Dave has helped countless folks out of this exact same situation.While a higher income is ideal, it isn’t necessary.

Remember, garbage in-garbage out often applies here.

I figure I won't remember the person from one hour to the next anyway...at least not until there's been a good bit of interaction. 

Ideally something that could come in range of a 1:1 bed:bath ratio after a long-term live-in rehab.

What's the best way to handle this and ideally reap the benefits of the cashflow and sales proceeds but also the benefits of the LLC, if its even worth it....?

I remember listening to one of the recent podcasts (can't remember which episode in particular) but the investor was invested in a more rural area and said rents can basically stay flat for years and years.

I remember on one of their properties they had 28 groups walk the property and 24 of them submitted a bid.Scott

Remember when choosing a property management company or any other contracting service for that matter, CHEAPER is not always (and usually NOT) the best.  

Keep in mind, not all Brokerages have the need to do REO sales, but I can put you in touch with some contacts I have here in Monmouth County if you're interested (not your ideal location, but might be worth the connection). 

Ideally they should be able to provide you with either trailing 12 months or trailing 24 months worth of financials so that you can see that the cap rate is reasonable/ accurate and that they have a consistent tenant base.