Insurance is generally the best way to recover in the event of a loss, but most contractors carry insurance that only covers property damage or bodily injury liability meaning even if you are successful and obtain a judgment, you are reliant on the GC to make good on a payment. 

I also fear the possibility of injury (why insurance is important).

The LLC just protects you and your assets from a injury claim from a renter. 

Reporting and addressing minor concerns fosters community responsibility within the building or complex.Cons of Allowing Tenant Maintenance:Liability Concerns: Landlords may be held responsible for tenant injuries during property maintenance.

I don't think thats a rule in my neck of the woods.

They were neck and neck with Lowes but had a few perks like free shipping and what not.

In the sense of seller financing, it seems to be thrown out there as how great the seller is protected.Yet, foreclosure is usally otherwise discussed as a pain in the neck, costly, chance of the occupants trashing the place, etc.So, just because its "seller financed" the "seller" can just "take back" the property. 

Also in your neck of the woods is @Dave Holman, Who's after mid-level SFRs to rent.

I can't speak on how demo is done in certain states but from what I could tell you being a license contractor here in NY and you being in NJ which should not be much difference is do the following steps.1- have them demo and take everything plumbing and electric.2- the only scrap metal you should keep is copper, but also negotiate with the demo grew to reduce some cost if they want the copper, all other scrap metals are not word it.3- has for the electric, just have them leave you 2 plugs because that's all you need until you update all your electrical. mostly all power tools are cordless so I doubt you will blow a fuse and you don't need any light because you work will be done during the day.ALSO NOTE: do not have anybody mess/touch/remove with any electrical panel or any electrical box, leave that for a license electrician to do because thats a big safety issue that could bring a lawsuit if a non-license electrician gets any injury for attempting to do so.

I have not looked deep into your market, but I have this perception of high $$$ to jump in and maybe I need a few more properties before I can come over to your neck of the woods, but maybe I am wrong, so please feel free to educate me if so!