Do you think similar logic applies for a 10% down payment instead of 3.5%?

Let's say an obvious junkie applies for your $600 apartment and he has no job, no Landlord reference, a 486 credit score, six kids from five different women and two of those women are currently sitting in his 1984 Oldsmobile smoking hand-rolled cigarettes and offering services to any man that walks by.

The same applies for a deal.

I'd also find out from the PM how much the deposit is and make sure that gets applied to the rent.

It either is not an opportunity or if it is an opportunity it likely is not for a first time wholesaler.Now to your question, you seem to have applied the 70% rule correctly. 

If the current plan is to open an LLC to apply for a commercial mortgage loan, how is this possible with a newly created company?

Businesses in that area are making changes, for instance some of the Starbucks in PF shorted there hours because no one even applies for the jobs they have open.  

They took occupancy immediately after the previous owners the day after the walk through as they were acquainted with them and applied to my management company.

Ideally I'd like to see the tenant’s rental application, credit report, background check, all other screening measures the seller took when the tenants first applied, rental payment history, as well as current lease.

I do think you already signed disclosures stating you have no intent to apply for more credit, etc.