One of the tenants has two arrests for misdemeanors, including one for use or possession of drug paraphernalia.

You can still have the lease start on the 1st but they can take possession (get keys and pay 1st month's rent) on a different date.  

Trial for owing me rent and possession is on Wednesday.

Also, does the year start once the renovations are complete and the property is occupied or can the clock start once you take possession of the property and that address becomes your mailing address and you are paying utilities?

Here are a few for the list that come to mind:-Failure to check that Broker’s representation of nature and condition of collateral is correct;-Failure to catch that Borrower is substantially overpaying for property;-Failure to verify that Borrower statement of business purpose of loan is inaccurate (loan in reality is for personal, household or family purposes) making loan subject to consumer protection laws and disclosure;-Failure to verify that insurance is sufficient and the type of policy that covers lender as insured for loss; or policy lapses after funding and servicer does not catch it;-Failure to verify that broker or arranger is properly licensed such that lender exemption from usury is invalidated;-Failure to monitor and require borrower to keep property taxes current;-Title company e-mail gets “hacked” and you wire funds based on fraudulent e-mail-Not understanding the limitations on your options and problems that come up with "fractional" (multi-lender) loans when they go into default-And here is one for the books that actually happened:: arranger comes into possession of notary stamp and commits identity theft by convincing lender, brokers, escrow and title that she is the person who’s identity has been stolen.

I can understand that because of how the divorce was written, the ex-wife could not initiate a sale of the house while the husband maintained possession of it. 

Attorney advised first stop after note possession is to call and make sure tax sale isn't looming.

Maybe you just take over the LLC and nothing changes from a tax perspective because the house doesn't change possession, the LLC just changes membership.

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Understand: in our litigious society you can not only lose your properties you can lose your personal possessions including your home, banks accounts, vehicles, etc.Insurance only covers so much.