Now what you have is not even near what I had but at least you have grounds for going ahead if the city tries to do anything.  

If you decide to use an IRA LLC, they can serve as custodian of the IRA, or you can forgo the IRA LLC and just use a self-directed IRA since IRAs are already afforded full creditor protection in Texas. 

Penalty for going beyond a certain timeframe?

You can also forgo the clips and just do the blown in with another layer of 5/8" drywall with green glue sandwiched in between and that would be my recommendation.

If a sellers agent told you the roof was new, would you forgo a home inspection?

These are control able through education,  discipline,  and insurance.Your best method of prevention for going bankrupt is to constantly be learning, have equity in your properties (or use all cash, yours or someone else's) and some multiple of monthly expenses in the bank at all times to cover stuff that comes up.

It may be in @Brian Henry's best interest to forgo dependency or to make sure his income allows for dependency depending on the facts of the situation. 

I'm not getting paid until closing, and forgoing profit to the benefit of the deal; this in lieu of skin up front.  

Overall, be prepared for hefty escalation clauses, consider forgoing using a VA loan to initially purchase (i.e. buy conventional and then refinance into VA), waiving or reducing inspection contingencies, and all other measures necessary to get to closing in such a competitive market. 

Using your same "logic" then, if I removed the "Horn section, the sheet music, all the "G flats", and the key signature, a particular song would sound great..."."