I did file a large claim a few years ago for a broken HVAC.

If the property is in your personal name you might consider filing the income and expenses from the rental on your personal tax return on IRS Schedule E, not through the LLC. 

However, even issuing a five-day notice can be an important step before filing.

Looks like the money goes to the Escrow Company so no loss but the seller has to sign to release it. and if the seller thinks they were lied to by the wholesaler ( very common) they will not sign.. and the money is stuck too small to litigate over and if not resolved the title company will file an interpleader with the court and send the money there.

They explicitly state in the course that they will keep that contract on file and if any of your clients tries to come to them directly within the timeframe that you set, they will send them back to you.I will repeat once more, I am not affiliated with this course or it's participants at all. 

Project File is at link below. w overview of plot, creek and proposed house designs for the build.

Just paper your file accordingly and move on..

If the seller files for bankruptcy, that will involve you in a legal proceeding. 

Check out File Place: https://www.biggerpockets.com/...The link is located in the footer of every page on the left side.

Make sure you have filed for Homestead exemption at the very least (this can only be done if you the home is your primary residence, not an investment home).