Based on the information so far, I would not compensate anything at all.

Vinyl plank is likely more durable than laminate and you can take up a piece and replace it if needed (get some extra when you buy it).

I'm new to the area and wanted to know any information about the area.

I hear many recommend to 'consider' LLC after buying more than one properties, not the first and only property.Isn't there a yearly cost to maintain LLC? 

If it does not work I will likely try to buy it outright and a bit lower price and use Hard money.... 1 Bed / 2 Bath Condo about 900sq ft - Can NOT rent out unless owned for 3 yearsAsk: $225k (likely will try to contract for $215k) - place is in great shape.

Does anyone know if selling w/ 1031 buying new rental; then renting the new property for 2 years before moving into the property would avoid any capital gains taxes?

Time in market is the biggest benefit on your side, so the sooner you buy, the longer you'll have that property (and also, the sooner you can buy #2). 

I'm trying to figure out a strategy on buying real estate from the seller on payments, adding value and reselling it for profit and thus, paying off the original seller.

Is buying at a 5% cap rate today conservative, or is it an 8% cap rate?  

Investment Info:Single-family residence buy & hold investment.