You won't be able to get an accurate assessment on how much contamination there is, if any, without first pulling the tank.

If that is true that it is virtually impossible for anything of the sort to still be hidden then I would argue that there is nothing to hide which means that the foundational beliefs your father held and you now hold are just not accurate.

I am a noob with little experience in the rules and laws of LLC's so I could be very wrong, but I am not sure that is accurate.

They might have to rename to LA Jammers, for traffic jams is more accurate.

Should I adjust the 2015 actuals to include the higher property taxes in order to calculate a more accurate picture and CAP rate?

Their suspicions are accurate and just this week signed a lease renting it for $1400 a mo..The house was a fixer and the addition was being utilized as a "Granny Flat" with a unpermitted kitchenette. 

B2R will cost you $700.00 for a legal review to review the LLC docs and they also hit you you for some excess massively expensive insurance requirements - and you will NOT be able to sell any part of the portfolio off as they do not allow for deed releases....So you have to hold all the properties and NOT sell one until you sell them all as B2R prices then as one security.There are better sources that will give you a commercial loan and price it close to 6.5% if you have good scores...Your idea of closing costs are accurate...What costs are there involved in closing?

That's not really an accurate assessment, and those are not the only two options. 

So to that end we as always need to talk state specific so we give semi accurate advice to our brethren on BPI was just in Orlando and Justin STemper took me to this  ( him of Zombie house fame) AWESOME oyster bar.. its was the best..

@Matthew Mason  should be pretty easy since your buying it for a relative I would think they would handle the day to day issues .. so you don't need PM or anything like that.just get with a good realtor.. also remember Zillow is not a accurate barometer for valuations its all over the map ... it gives good info but rely on ACTUAL MLS comps for values