I would like to draw on my background which includes a bachelor's degree in Mechanical Engineering, control system design, sales and proposal writing.

The LLC is simply the reporting mechanism to record the property's sale and to determine how much of the the resultant tax gain from the property's sale gets reported to each LLC partner/member on the Schedule K-1 issued them by the LLC.The partnership should receive the sales proceeds (it presumably made the sale - correct?) 

Builders warranty is also something that looks great for an investor. 1 year covers materials and workmanship2 year coverage on all mechanical/ electrical and plumbing 5 year leak protection internal or exterior infiltration 10 year structural Love to hear thoughts on buying new construction?

How you ultimately financed it, upfront when you purchased it (or how you might refinance it later) is irrelevant.Just do a simple search on the internet for depreciating rental real estate property, you will find a virtually limitless number of sources that can explain basic depreciation mechanics - its not rocket science.

While the mechanics are easy, the repercussions can be significant.

Given that you clearly have a good grasp of the mechanics, I agree that if the value is peaking and you'd eventually just have to re-buy the property from the government, holding on to it long-term is maybe not the best course.

You will need permits for sure and mechanical drawings.

Anybody heard of a frivolous mechanics lien?

I will be doing most of the rehab myself but I will need a reputable HVAC mechanic and painter.

Check and proactively replace all of the toilet flappers and check flushing mechanism to make sure its flushing efficiently. the flapper(s) could have likely degraded and the bad seal might slowly leak into the bowl and cause a frequent refill of the tank. flappers usually need to be replaced every 5 years anyway since they degrade. toilets have always been a cause for high water usage in one of my condo buildings.