They stated that with their move they have boxes everywhere and the wife is pregnant and so it would cause them too much stress. 

If you are really stressed about not having an LLC, just get a commercial loan for the place.

Historic utility expense data is easy to get, so don't stress about it. 

The amendments to Guideline-B20 last October were:OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.

From what you said it sounds like a perfect situation of an old, stressed and out dated owner managing the property which is an amazing opportunity!

I thought it was you and your “mentor”Don’t stress it.  

Couple that w/ the stress of living beyond your means or the stress of paycheck to paycheck I wonder how that's going to effect ones motivation to keep paying.

Think how multiple home visits and the associated stress can become confusing a day or so after seeing 4 or 5 homes.

Of course, we become tougher and stress resistant the more experience we gain. 

If you think your money can make more return elsewhere then sell, otherwise do the renovation, perhaps join a realestate group from your area and find a recommended good project manager that will do it all for you and you wont have to stress.