Make sure this is done in writing and done properly, so there is no legal missteps that allow them to stay.  

I do not allow tenants to install shelves, TV mounts, or anything that requires large holes.

To properly wholesale, legally wholesale, and morally wholesale, you need to double close.  

This might include smoke detectors, carbon monoxide detectors, proper egress windows, and handicap accessibility. 

(I know I know - this is not the proper cash flow equation because it doesn't take into account vacancy, maintenance and capex) This cash flow does not take vacancy and maintenance into consideration, so that’s the risk.

Imagine you have cancelled your umbrella, then you learn you have not been maintaining your LLCs properly and get a lawsuit. 

I now have a firm policy of no reviews, no approval.If you wanna do long term, make sure you have a proper long term lease with all the bullet proof clauses.

I hear risk mitigation and taxes often....from what I understand (but could be wrong) pass through entities like LLCs don't impact taxes all that much and a good insurance policy is much better on the risk management front than an LLC that may or may not be ran properly.

You will have to buy it out right or be buying.it under an installment contract.

I wrote an entire post on how to properly structure "Cash Purchases" that you can read HERE.