I often break it down into the "five pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.The second pillar is a good insurance policy as that cover the majority of your exposure.

@Jonathan Klemm  I don't have fridges with water lines, but can you put a stop on the wall similar to a door stop that prevents the fridge from being pushed back too far?

If I have the P&S signed with the owner will that prevent other wholesalers or buyers to make a deal without me?

Sending documentation on original receipts could be important to prevent liens.I've self-managed a few rentals that are 2.5 hours, just over 170 miles, away for over 20 years. 

@Mike Young conforming laws prevent "conventional" lenders from originating a loan to an LLC...so, you're out of luck if you use a lender using conforming guidelines to underwrite.

The VA Loan has a minimum requirement of living in the property for 6 months unless Military orders prevent you from doing so.

This prevents the landlord vs tenant scenario, and keeps the tenant from trying to negotiate with you. 

If I were the seller's agent, I'd be looking for a large non-refundable deposit.What the seller's agent is trying to prevent is accepting an offer from what turns out to be an unqualified buyer. 

However, ask the owner if they need help in staying in the house or preventing a record of foreclosure, cash by pre-foreclosure sale, brining notes current etc. 

And supposedly, you can't even pull criminal history until the tenant is otherwise approved, which is intended to prevent "finding" a reason to deny otherwise.