Probably your best bet.

I am pretty sure an insurance adjuster would label this normal wear and tear.

What adjustments did the appraiser use and are they fair based on the local market demand?

I'll bet @Brandon Turner knows! 

If you get conveitonal loan, which for single family goes as low as 5% or even 3% in certain cases at least in NJ, the PMI comes off when you reach 20%.In a non-conforming loan, then all bets are off.

And your gain will be the difference between the net sales price of the land and the adjusted cost basis of the land.Your tax returns will have already reflected this.

@Adam Frantz Jody got it right from my experience - your best bet is to purchase it yourself and then transfer it into your LLC to start establishing cash flow.

I agree with @Joseph P Finkelstein that finding a co-signer to supplement your income is your best bet, if at all possible.

If you have recessed lights, they will need to be adjusted down a tad to allow for the thickness of the new skim coat if you elect that method.Inglewood is a bit out of my coverage area otherwise I could help you with it as I am a licensed contractor here in N Los Angeles (San Fernando Valley and surrounding areas).

The seller cannot remove his name from the first lien position on the property without paying off the loan  unless that is stipulated in his loan agreement and you can bet your $30,000 that it is not.