Every state is a bit different when it comes to determining when nexus is established.Speak with your attorney to see if it's worth doing this or if it's worth just having that LLC in NY.This reason is often why it's recommended to set up an LLC in the state of the property.

Purchase price: $189,000 Cash invested: $90,000 Sale price: $375,000 Our first flip.

I agree with the other comments.It's also worth mentioning to look at the number of parcels.

The appraisals that consisting come in close to what a property actually sells for are where the subject is an income producing  property being run on a consistently and providing consistent cash flow.  

You can raise the deductibles; you can make it actual cash value or functional replacement cost! 

Would it be worth it to rehab if we sell it or rent it?

And I expect to refinance into a lower rate or do a cash out refinance to buy another property before six years.

Is it worth removing this tenant and having it sit vacant while you find a new tenant.If your intention was not to keep this tenant then I would have had the owner deliver it vacant, unless you think this tenant can afford a higher amount (which probably cannot but I assume you have info on this tenant to make that decision)

In Cleveland they cash flow well and you can build a foundation of knowledge this way and a base you can expand upon in the future if desired. 

There's still tons of positive cash flow and deals that hit the 1% rule plus amazing appreciation potential!