Just because you bought a building, invested in a business, or laid some fiber cable does not mean you hit the finish line.   

Can anyone suggest any mechanisms that can be incorporated to reduce my overall exposure or protect myself in the event that the deal goes south? 

that's a great idea, another to incorporate.

I know with my son's business it was not to his advantage to incorporate out of state when he was in CA.  

I'd like to have a few years of solid renting/landlording experience before I incorporate duplex renting. 

I was recently quoted $4000 for 10 carbon fiber wall anchors To fix secure a bowing basement wall.  

They incorporate the different cost segments to the transaction such as lending costs, legal costs, title costs, etc.

@Peace Van - Lease options sound quite interesting also, I will definitely look into the mechanics and see how I can incorporate them into my strategy.

I believe the actual W-9 is more important for verification when you Don't need to 1099 them, as in corporations, etc. but it's better CYA to get the form or everyone of course.

Great idea Melissa.In my area we had a city legal aid committee that put together a pamplet about tennant responsibilities and landlord responsibilities and not only handed it out but incorporated it into the rules which was incorporated into the lease agreement.