I recently purchased a rental property and discovered it needs more extensive repairs than I originally anticipated.

You either get your money back plus interest or a deed to the property shows up in your mailbox with no additional work required.I got 3 properties last year. 2 houses and an acre of land.I sold one house as is with a QC deed, the other house my 2 adult sons have bought from me at cost.

The land owners would move the property ownership in to an LLC.

@Isaiah CortezDo not create a property management LLC.

Look at it this way...if you were a buy & hold investor who had a deal model that said any property you purchase has to cash flow at least $400/mo. 

We also hope to invest in a commercial property for our clinic eventually and rent suites out to other providers.  

Your main point of interest seems to be knowing the equity in the property.

It's a small property, and there's very possibility for a financial little upside to anyone who leases from you (no farming, hunting etc) so you're looking at annual type recreational or maybe 'off-grid' type tenant.

Good time now that rates are falling and property values are ready to start another climb up.

Find a property that the seller is willing to finance for you, take a mortgage over subject to, find some investors willing to put the money up on a great deal.I am confidant that you will figure it out.