I have put a notice together to inform the tenants I will be doing an inspection and will slide the notice under their door tomorrow morning.

As long as your lender approves of the loan being taken out in your personal names and subsequently deeded into your LLC without any 'call for payment upon transfer', there is no issue signing both deeds the same day.

My question is whether or not I should start an LLC now and be ready upon my transfer, or if I should wait until I find a deal, and subsequently start an LLC in the same state as the property?  

We had a policy with NREIG on a property we took back from foreclosure recently that became vacant, which was then subsequently gutted by a major fire.  

I will let it slide.

Slide into my dms. 

A wholesaler’s role is to identify properties that may be good investments, contract them, and subsequently assign the contract (or double-close) to investors.

But even if you do generate significant passive losses with your rentals, you'll be able to carry them forward to subsequent years until you, as Michael Plaks mentioned, sell your properties or offset them against passive income.

Lessons learned: he was able to do any renos he wanted except for things that impact common area, for example he couldn't replace the sliding glass door because that has to be done all at once with other units (special assessment).

I shoot for a 2.5 but if it's a little less and they have a credit score over 600 I let it slide.