If someone on the property wanted to sue your business, the LLC would limit the liability you have to the assets that are in the LLC.

Step to proceed with caution -- is that assuming you can get your entity registered, you can start any paperwork post dated 2 days in future and start negotiations. 

As fro 1031 exchange deferment there will be limitation. 

Do I run into issues if I / myself can't get the dwelling ready for the listed date?

@JT Crownover  the reason for my list was an exercise in where one can buy houses under 10k in the US and those are the easiest for someone who has limited backing or capital can actually wholesaleit does come down to the greater fool theory though.. and I am certainly aware of West Jackson I had my Plane Hangered at Hawkins field and would drive through W Jac to get to it ... :)  felt odd driving through a neighborhood that I could buy a house for the same price it would cost me to fill my tanks with Avgas ..

What is the best way to accomplish this while limiting the expenses associated with accessing the equity? 

From Section 121(b)(5): (emphasis mine)(C)Period of nonqualified useFor purposes of this paragraph— i period of nonqualified use” means any period (other than the portion of any period preceding January 1, 2009) during which the property is not used as the principal residence of the taxpayer or the taxpayer’s spouse or former spouse.ii period of nonqualified use” does not include—portion of the 5-year period described in subsection (a) which is after the last date that such property is used as the principal residence of the taxpayer or the taxpayer’s spouseThe law does not mention anything about how the property was FIRST used.

Something else to consider with units over 4 bedrooms is that Minneapolis has a limit of 4 unrelated people per dwelling.

If you are going FHA I would assume you limited like most entering that cash down is the issue.

To limit the exposure a lower ITV was necessary.