As someone who listens to BP faithfully, this under-the-rug treatment is a little concerning. 

Buyers is saying do the treatment or show the the receipt that termite treatment was done in the last 5 years. 

With an LLC, you can choose the same tax treatment as an S-Corp, and LLC's are better for protecting your assets. 

Purchase price: $46,735 Cash invested: $40,000 Sale price: $119,280 We did our normal Conquest treatment to this one.

Whether it be sand, a rusting water tank, stuff missed by the water treatment plant, ect.

(We are retired now due to his cancer).

Here's a link to a treatment.

If you will be staying in it for a year, then you should consider two years for favorable tax treatment - as in $500K gain excluded from taxes (married filing jointly).In the end, your point of view should be that you will be building this to live in.  

It sounds like this is a rehab/flip, so it will not qualify for 1031 Exchange treatment.

The capital gain allocated to investment property is still taxable (does not qualify for tax-free treatment under Section 121) and the capital gain allocated toward the primary residence is tax-free up to the $250K/$500K limits.