You don't have any real confidence of your ability to do this but you want the bank to make a bet on you. 

All the schools are less than a 3 on Great Schools, and it's definitely (obviously) low income C or C- neighborhood. 

For example, I pay 60 X monthly rent (eg up to 60k for a property that will rent for $1000/month) for a rent ready property in a C+ or better neighborhood.No matter what the market is doing, if I find a property that meets my requirements I buy. 

I am sure there will be tons of equity after repaired. 

You may choose to do more like 5 or 6 months if your portfolio is only a few units or your equipment age (like water heaters, A/C or furnaces) 

Make sure you buy a deal that you can ride out the bad times in, it must cash flow now and it must cash flow in the future to not bet on the future with todays money, no one knows what the market looks ike tomorrow but if you buy right today you will be ok.

Don't bet on tomorrow cash flow with today's money. 

I don’t know when the market will head the other direction but I do know that people get themselves into trouble when they bet on appreciation.

If you are looking for income replacement, you may want to consider C or B- neighborhoods and don’t look for pride of ownership.

For the time that the LLC held the properties, it will have to file a return and generate a K-1 (assuming it was taxed as a partnership and not a C or S Corp).