In addition to reading all the great information here, start reaching out to people and making time to meet with the frequent posters here.  

Additionally: whatever you do about this, try to stick to email (other written communication) that you can later go back to in case the tenant decides to claim that he was not fully reimbursed.(1) Ask the former owner for any Lease he had with this tenant (it sounds like you were this tenant's landlord for 6 days - I'd ask for this document during the purchase period.)  

It is my understanding that you will pay first/last but not an additional security on top of that unless you have a pet.

I’ll be paying for additional costs as needed, but I wrapped most of the immediate rehab costs into the loan.The loan ($87k five year balloon @5% amortized over 20 years) means I have 5 years to refinance or sell.

What about the additional $100K you'll need to rebuild?

When the LLC reports the property gain the LLC partners/members will get a tax basis increase in their LLC interest for their allocable share of the tax gain they report, so any cash distributed attributable to the property sold by the LLC should not result in any additional tax liability to the LLC partners/members when distributed to them. 

Is there space rent for the mobile home in addition to the $90 HOA costs?

Plus with the new sales price I should be able to bring the assessment down as well, leading to some additional savings on taxes there.I have two possibilities for this property, the first being to get it refinanced by a bank ASAP to pay off the seller financing and bring the debt service down by about half.  

The lot defiantly listed for way less square footage than it truly has, due to a garage bedroom conversion, a lot in the 2 car garage, and some other additions.

The seller is offering a discount if we assume the current loan versus getting new financing.