I want them to have teeth, even though I assume enforcing them is probably difficult and unlikely, I want to protect myself and my connections.  

I think a lot of people in this thread have the right idea... it seems like good advice.Also, know that you're going to get kicked in the teeth a few times.

.* Taxes are about $2300/year* Insurance is about $1000/year* Seller has owned for past 15 years, and vacancy has been very low (almost no vacancy whatsoever)* Assume no (or minimal) repairs are needed up front, this property is nice and is in fully rentable condition.

I'm not sure you want to cut your teeth on this one.That being said you do have one big positive going for you, you are willing to listen to advice that is given by those more experienced.

The LLC of course has to be a brand new one with NO history whatsoever.

(I doubt they have health insurance and looking at their teeth, dental is probably a vast mystery to them) I purchase workman's comp.

I don't spend any time on my properties whatsoever.

I picked out her two best homes and agreed to a 150K price tag. 6% on a 30 year note, nothing down whatsoever, no balloons, I cover all of closing and help her plow a field she owns.

I have been doing real estate investing for over 20 years on the side and have not taken any money from it whatsoever.

We have had no problems whatsoever with a limited pool on applicants, in fact, one family was willing to re-locate their pet to a family member to be able to move in.