The loan has received conditional approval and will be sent back to underwriting once the lender gets couple of pieces from me, which will happen tomorrow. 

That's what buyers are willing to pay for a house in that condition, with those specifications, in that neighborhood. 

I have found these work well, you just have to look for places in similar condition and then places in the condition you feel your place would realistically get to.

Lastly you can compare the condition.

You can still app, get full underwritten loan approval,  clear all your loan conditions, do your appraisal, then order loan docs after you've transferred your title back to your personal name.Your settlement agent/escrow/title will most likely ask you for your LLC operating agreement to document the chain of title and that you owned your LLC prior to transferring it to your name to issue the title commitment/policy for your refi.Hope that helps.  

You'll have a great property that's just gross by the time you check in a year later, but then you'll have section 8 tenants that keep things in perfect condition.

@Darius Kellar It baffles me that people think that location and condition don't affect quality of tenants. 

One's tolerance--and desire--to navigate some of these issues stands to vary greatly based on whether it's a true labor of love or something you hope to hire out free of worries.With the cabin--before diving too deep into financial calculations--it would be good to get a clear assessment of its condition.

What do you do with a house that's going through probate, on a reverse mortgage, and the as is condition is worth $110K, and they owe $185K? 

Most of the abandoned houses in Cleveland are in neighborhoods where the majority of the houses are not financeable by banks due to low value and/or terrible condition.