My fear is something going south with this purchase and us not getting a loan in time and someone else buying the property before we can.The asking price for the home is 85k, needs possibly a new roof, HVAC, the pool is in bad shape needs new equipment, walls have holes punched, and windows all need to be repaired, this will be a full rehab.

Suckers get had in times like these.

She waited till the last minute on Friday to tell us this (this firm's way of dealing with its issues), and we couldn't clarify the issue in time (this was during the ice storms that wrecked the south east, so a lot of the office people we had to deal with were stuck at home).

I am not intimately familiar with the building code requirements but if the architect mentioned sprinklers there may also be requirements for maintaining two means of egress, fire ratings, hardwired smoke detectors...other things that may end up adding a good amount of renovation costs.

The money will come in time, it is important that new agents get the best training possible early on to promise a solid career down the road.

That is because my goal for my first 4 houses has been to get them bought, rehabbed and paying for themselves entirely independently of the rest of my portfolio, and to have them paid off in time to gift one to each of my children.  

Make sure you learn your Buyers world as intimately as possible to ensure solid success!

Most likely your best way out will be to just give up the deposit, but you need to speak with an attorney in your area who has an intimate knowledge of foreclosure in your area.

So my idea was to create the LLC, so it will have an asset that in time would help me get other properties... or is it easier to add other properties on my name as well?

The general rules is "first in time, first in line".