That may be, (I have two properties that were built in 1900) and I understand that "level" didn't seem to be as much of a priority in those days but if there is a sag because the timbers or structure are bowing due to a long span, it may not take much to put a 4x6 down the middle and a couple of jack posts to either bring it back up or at least keep it from further sagging.

Hi Account Closedwould I need to charge the LLC a market interest rate, even if my preference would be to structure this as a zero-interest loan? 

There shouldn't be much to "managing" the LO if structured properly, but I assume you are an agent adn he wants you to be the property manager. 10% down is a fair amount on a LO, depending on the area. 

The HOA insurance covers the exterior of the structure excluding the roof. 

How should I structure this deal.

(research, get quotes, maybe pay to have an engineer examine it, find out if you would need to pull permits and whether that will trigger code compliance with other parts of the structure and so on and so forth).

Find something that's a foreclosure or other bank-owned, or someone really needing to unload, that just needs cosmetics rather than structural, in a reasonably healthy community.

The city is excited about working with us, we have spoke to the building inspector, a structural engineer has already inspected and cleared the building.

Its hard to weigh the pros and cons of a team without knowing too much about the structure itself. 

The home is basically a shell with outer wall damage.