Robert,Welcome to the world of investing I have one piece of advice.

For anyone looking to buy their first piece of real estate, STOP (unless it is a four-plex with an FHA loan).

Easiest solution may be to place a towel or blanket over the hole and hold it in place with a box or piece of furniture.If you are the Landlord, you need to learn how to repair it or hire a pro: 

Great piece of mind.  

Nothing wrong with I left it as is. 6 months later a tenant dropped their bowling ball on the tile and cracked it into jagged pieces!

Finding a good cleaner is the biggest, hardest, most important piece to all this IMO. 

The clear piece I'd probably charge for.

If anyone believes I can use the fact that the condo is in my wife's name only to my benefit (e.g. create newly formed LLC with myself as sole member or 50/50 member with wife), I am all ears.

You’ll use about 10 pieces of the information you just consumed for that…I’d recommend looking up the top brokerages in terms of sales volumes/total transactions in your area and go from there.See if you can get interviews with them or ask for their recommendations. 

It's a $150,000 piece of land.