Also, the owner expressed concerns over the capital gains tax early in the discussion...so I am thinking the opportunity to do vendor financing will help me get a good purchase price and help the vendor with taxes.  

One of the concerns I have for my children, especially my oldest is that I think I want them to have success  more than they seem to act like they want success.

However, one of my biggest concerns when fixing homes is knowing when to use permits.

With this property you must leave $50K in the property in order to meet lender debt coverage requirements.

Knocking off $4k for that additional bathroom let's say it's $170k ARV, looking at this for a flip and using the 75% formula and a $120k buy price that only leaves $7500 for a reno budget - I'm no expert but I'm pretty sure it'll take more than that! 

If you are truly concerned with liability, these should be your main concerns and focus, not whether to create your LLC in Wyoming or elsewhere. 

I understand your concern it’s always important to ensure everything checks out.

I’m afraid the other wholesaler make the seller cancel my contract and leave me hanging

Once you leave the standard terms, everything becomes negotiable and depends on the lender’s appetite and flexibility.  

Yes you need 5 people per bedroom. 1 single person short and the Sheriff will simply leave and you have to start all over again.