I need a lawyer when we decide to form our first LLC for the rental, and I also am in need of an ambitious tax person that can help us find a balance between minimizing our taxable income vs. investing more money in our real estate portfolio. 

Industry standard SOP, assuming there is equity, is to finance the closing costs into the loan balance. (2) That's not really the case at all.

Will be very difficult to pull out the equity without income.

How difficult do you think it would be for me to find a buyer that would agree to a long-term (1-2 year) lease back?  

I understand that this is more career related and is difficult to answer, one only I will be able to make.

:D  Yes, that is daylight you see in the wall.The project you are considering is more difficult than any of my earlier renovation houses, in which we replaced flooring, painted, updated landscaping and possibly replaced kitchen cabinets.  

@Lisa KattenhornSetting rents is a balancing act.Of course, if you are at or above market, raising rents may not make sense at all.Assuming you are below market, raising rents too fast will create vacancy which kills cash flow. 

For this you are offering not to saddle them with an eviction on their record which will make it very difficult for them to rent again.

Finding a property in Charlotte in that price range and being able to close in the correct timeframe may be difficult.

Majority of the owners are deceased, and skip tracing next responsible, (or even current forwarding address for any still alive) has been difficult.