My thoughts are shorten your bridge period to mitigate risk (uncertainy of the markets down the road), and re-finance sooner rather than later - or, see if you can negotiate in an option to extend with the Seller. 

So I have a very specific case and after extended research I am still not sure if forming an LLC for my rental property is right for me.

You have to let them stay the duration of their lease. 

just make sure you don't over-extend, and that you have a CLEAR exit-strategy, otherwise that dude is going to foreclose and take the property from you entirely. he might not even thank you for cleaning it up for him.

I appreciate your input and extended help.

Failing that, we will have no choice but to increase income from the rental units to meet this drastically increased expense.Here are some reminders regarding water use: -clothes washers must be used only for legal occupants on your Lease-outside water use is prohibited-if you notice a dripping faucet or running toilet, please contact me ASAP to repair-please do not run water from the tap (sinks/tub/shower) for extended periodsThank you in advance for your prompt attention to this matter.

A few surprises such as the discovery of mold and bad electrical wiring extended the rehab process.

This is so you don't experience a large loss if you have an extended period of vacancy.

It's tough to put an estimate to duration per unit. 

I then asked that my inspection period deadline (11/26) be extended so that I'd have additional time to have an electrician quote me a price to repair something like that.