I am happy to say that on August 31st, 2015 I went into an 8 to 10 hour surgery and came out cancer free (the additional chemo sessions through December were as a precaution).Now, I was on a serious mission to get back on my feet financially and health-wise and was armed with a completely new way to look at life.  

I would contend to you his credit probably hasn't changed, and as you have additional deposit, this should probably carry you through to see if he intends to fulfill his side of the bargain. 

And if you ever need cash for a capex and you don’t have money sitting in your LLc  account as reserve, you just contributed money to LLc as additional contribution. 

Any additional thoughts on setting up meetings with potential lenders?

We accountants will be able to charge you for one additional tax return. :)PS.

Additional increases will be required if extensive repairs are required by the Health Department.

@Dustin Booth In addition to the ideas above, I wanted to throw it out there for you: if you cannot find another asset to 1031 into, consider a "fractional interest" as one of your 1031 choices.

Some additional detail / other thoughts:Low down payment as I'm looking to invest out-of-state for cash flow with the leftover capital.

@Ari BachrachCouple additional points to add to my colleagues' excellent answers.The 15% savings that  @Ashish Acharya mentioned are not guaranteed.

In addition, when a property is passed from you, to S-Corp to LLC, there is no paper trail associating you with any homes if, for any reason, the LLC is sued, it can not be traced back to you personally.