Thanks for reading and appreciate the response in advance.  

@Mike McCarthy @Shaun PalmerThanks guys, I appreciate the quick response.  

I appreciate all of the responses. 

Thank you all for your responses.

I posed the question to my lender about it being a contingent liability and this was the exact response: "Because the LLC will be newly formed during the purchase of this commercial deal, the underwriters would qualify you taking on 100% of the financial obligations to that property to qualify you for another purchase."

Their response was its not a big deal and no one will ask any way.

I made the offer and now waiting for response.

Once you file the LLC, you are responsible for tax returns, annual filings, etc.  

Thanks in advance for any responses.

Fernando mentioned nothing about "flipping" and Flipping IS NOT investing.For many reasons, both flipping and investing in such a small market is significantly more risky than in a larger market.Based on your response, my first question would is why would you give a definitive answer on a market you know nothing about ?