No need for an LLC at this stage of the game.

It could also be that there are impending major repairs that are in excess of existing funds, or possibly many occupants are far behind on their condo fees.I'd contact the agent and drill down deep.

You can ask around to see what your county requires to get the proper permits for a construction project like that, but oftentimes they require an architect's draft of the additions and multi-stage reviews by the county of the additions in the various stages of being built, among many other things.

Use post-lease period to fix, stage, and sell the property.

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

Find a broker you might want for to work once you’re able and approach them from a helpful angle - maybe you can help them set up an open house, help staging before photos, composing mailing lists, social media marketing ... pretty much an intern.

That is why all PPMs say the investor should be prepared to lose all their principal before signing.I am sure you know we are in the late stage of the RE cycle.

You might ask for a couple of years to be interest only, to help with your cash flow in the early stages of the project and help you cover the renovations and recover your reserves. 

One image of the building at each stage.