But proper procedure at that point is, the buyer should request the seller fix every thing in the inspection report and the seller should provide proof (pics/video/reinspection) that all repairs are completed, prior to closing.

The house has all kinds of garbage and remnants of the prior owner there.

Make sure you check your state law for notice required prior to rent increases.  

This income will never be capital gains income (subject to only 15%) regardless of how long the investment is held (and has nothing to do with how long the income is held prior to being paid out). 

Some banks will include it in your DTI prior to the 1yr mark w/ proof of lease agreement and deposits. 

Each time the prior seller sold for a profit. 

I strongly suggest going out to wherever you intent to purchase personally though, at least prior to the first purchase. 

Were you aware prior that there was mold?

I was in commercial real estate prior to that and am ready to take the plunge into making money for myself instead of others.

Assuming everything else is rock solid and you made the transfer to the LLC prior to any issues, I'd say you're okay even if you have the conventional financing still in place.