Go with it but consider increasing your deductible to $2500 at least and that will reduce your premium. $1M minimum liability but beyond that look at your total equity in all of your real estate then figure your net worth outside of real estate.

The improved condo (install wood floors, upgrade appliances) will sell "fast" at $135K and rehab costs should be about $10K (combination of sweat and hired). 

To renovate, I was thinking stucco, but also want to get ideas for other alternatives. wood composite panels?

@Kevin Wood,nothing sweet, it just fit my number: less than 90k after repair with rent in the 1200+ in an ok area (i might be wrong on this as my plants and flowers were stolen!)

Your first deal is an important one, establish your investor criteria and be firm, this is not your forever home so listen to the investor angel on your shoulder that loves the numbers, not the other voice on the other shoulder that loves the kitchen and is willing to pay a premium.  

So we take our ROI calculator and plug in known numbers, and that is how we come up with the potential returns.And as my friend and fellow note investing mastermind member Robert Woods states, you can also use this to pick up vacant, unadvertised, shadow inventory properties that are not on the MLS, that can be sold AS-IS to rehabbers, or homeowners that want to do their own fix up.

Check with your title company ot your state to see if they'll charge transfer taxes.Many insurance companies charge higher premiums for properties in LLC, writing commercial policies instead of residential, so there's another costs.And using a Quit Claim Deed is worst way to transfer title. 

pic of rehab #6and my hard wood floor surprise

As they are taking on the risk of protecting the property and reimbursing you if you have a loss, they do have a right to be sure that they have properly underwritten for the risk...meaning collecting the correct premium, correct deductibles, coverage options, etc....

If you were in my neck of the woods I would have you delivery it to one of my rentals.