Simply warning them is not enough to protect you from liability.

This is even more important if you plan to work multiple fix-&-flips at a time.Errors and Omissions is important to protect you when you fail to manage your LLC professionally. 

We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

And not sure what state she is in but in Texas a homestead is protected. 

It was once said that I had suffered the trials of the damned.

Another thing you could do to protect yourself some is request an larger security deposit.

The EMD of course is to protect the wholesaler and is used as a means to filter out those who can perform and close on the deal vs those that are not able to perform.Hope this helps!

Regarding the rent question, if the market dips a lot and demand suffer, rental income can dip too.

Just like in San Francisco...they get priced totally out of the Housing Market and they suffer.

You invest your IRA in real estate because you believe you can better protect and grow the IRA with real estate than other investments.The structure you have been introduced to is a "checkbook IRA", where the IRA owns an LLC that you can control.