Otherwise this becomes a crap sandwich for you.Rather than an option, it would be my preference to buy property now, sub-2, get authorization of release of info so you can communicate with lender/servicer, and give seller a pre-determine time to remain in possession while you work your checklist of items to complete, starting with yard and exterior house renovation. 

They could give you better advice than an inspector, i am assuming that's only coming from a home inspector where you just take a general exam. cert electrician prices aren't that investor friendly but i see them pass all kinds of inspections, just give them a price you can afford and work your way through it.

There are more ownership structures than an LLC.

I don't know how much you have saved up but know that once you purchase this investment and if it exhausts your savings, its going to be a long while before you can save to purchase another one.

Im not sure if they make an exhaust fan rated for a shower (wet area) but if they do, you could install one but this might mean adding a second one to the room. 

If the appraisal is to be based on an "as is" basis, the value opinion will reflect a partially finished basement (something more than an unfinished and something less than a finished basement).  

And... a retail buyer will buy one house from you before their buying power is exhausted. 

Whether its someone that I have on speed dial or I will exhaust all my connections to find someone. 

You will know when you have exhausted those resources when you hear the same thing over and over again and want to get deeper into a specific area that requires more than time resources.

Small claims is cheap to file, and all courts I know of have waivers of fees for low income or people who can't pay.I also agree I'd rather be a tenant holding a fair market rent, long-term lease after foreclosure than an investor with a rental property gone bad.