With the exception of some overlays by a lender, there are few deviations from Fannie underwriting guidelines.

Originally posted by @Steve Babiak:An entity can never take advantage of the IRS Section 121 exclusion on capital gains.  ...except for eligible single-owner, disregarded entities (like a single-member LLC).

Yes, those are all "asking prices," but they are in the ball park (there are always exceptions) of what the properties should sell for. 

Exceptions are historical neighborhoods that are in high demand.  

There was one house that sold at the zillow estimate recently, but this seems to be the exception rather thatn the norm.

If you elect to be taxed as a sole proprietorship it does not remove LLC protection, except that a sole ownership is harder to avoid "piercing the veil" through alter-ego.

For existing lien, you do not have to wait for any period.With small banks or mortgage brokers; they are flexible and can have exceptions based on your assets, credit score and rental income.

It is possible to obtain an owners policy on a tax deed without a quiet title action with an added exception for marketability. 

So I'm looking at a house that looks pretty good except for some seemingly minor foundation settling.  

Thanks those are good points, I have been doing a lot of research into costs of certain properties as this is vital for how much I can bring home each month.