After paying in additional 10% in Principle.Mortgage will go down to 1290/month.I realize there is a negative cash flow to start, but im thinking the 15k in equity off the bat and highly recommended tenants making rent payments in the 1st month is worth it (no waiting a month or more to find a good tenant.)Main goal is buy and hold.

----------------------Surely a flooded home qualifies as an emergency, also his lease may have additional details that may help.I'm more interested in why she wouldn't want him to enter....something shady must be going on!!!  

In addition to reading all the great information here, start reaching out to people and making time to meet with the frequent posters here.  

Additionally: whatever you do about this, try to stick to email (other written communication) that you can later go back to in case the tenant decides to claim that he was not fully reimbursed.(1) Ask the former owner for any Lease he had with this tenant (it sounds like you were this tenant's landlord for 6 days - I'd ask for this document during the purchase period.)  

It is my understanding that you will pay first/last but not an additional security on top of that unless you have a pet.

I’ll be paying for additional costs as needed, but I wrapped most of the immediate rehab costs into the loan.The loan ($87k five year balloon @5% amortized over 20 years) means I have 5 years to refinance or sell.

What about the additional $100K you'll need to rebuild?

When the LLC reports the property gain the LLC partners/members will get a tax basis increase in their LLC interest for their allocable share of the tax gain they report, so any cash distributed attributable to the property sold by the LLC should not result in any additional tax liability to the LLC partners/members when distributed to them. 

Is there space rent for the mobile home in addition to the $90 HOA costs?

Plus with the new sales price I should be able to bring the assessment down as well, leading to some additional savings on taxes there.I have two possibilities for this property, the first being to get it refinanced by a bank ASAP to pay off the seller financing and bring the debt service down by about half.