If you live in a property you own for two out of the 5 years prior to sale you can take the first $250K ($500K if married) in profit tax free. 

Now if you and the LLC purchased the property as tenants in common (LLC 75% and you as 25%) then you would be living in a piece of real estate that you own and when it sold you could indeed take the portion that you owned and lived in tax free once you could establish that you had lived in the property fro 2 out of the previous 5 years prior to sale.

Comparing it to the 1st one I filed though that company, I was thinking there should be more in place to be fully legit. 

If you do new countertops and paint the cabinets is it comparable or still not as good.

Peter has already covered this for at least Texas in my TAR a notice is not required if you are checking the condition of the property which makes sense bc then if they are not upkeeping the  property then they can tidy things up hide hole etc prior to you showing up.I will say I ran into problems with my current tenant on this they are NOT happy and expressed frustration that I would be showing up unannounced. 

If they redeem after I do all those things, but prior to the redemption deadline, am I out all those costs or will they get rolled into the redemption amount?

I know what my neighbor hood is and compare it to that.School ratings Bproximity to amenities (walmart/home depot/ chic-fil-a)When they all check out it's time to get feet on the ground.

My current plan is to spend the next few months studying real estate as much as I can prior to moving so when I do I can buy my first house. 

I was looking to close in something closer to 30 days and start work prior to us moving. 

Charge them the value of a comparable used stove, but buy a brand new one to replace it and be done.