Your contract terms should include novation/assignment language to your anticipated LLC as the title holding entity, hence Scott's advice above - once the LOI is accepted but before the PSA is signed (although you may not actually form the LLC until later).

I understand that New York is a "lawyer closing state" and that the lawyers are intimately involved in every step of the process and that they generate an abstract of title before the closing, which apparently goes back to the time of the French-Indian Wars.The lawyer we retained to handle the sale will charge $750 for the abstract search and claims it will take 6 weeks to complete.

Your list is pretty comprehensive, I would check deeds, title, leases, management agreement, vendors, etc.I tend to disagree with the bolded portion though.

What is the next steps in the wholesale game

Build professional relationships, they will likely share documents that they use and information about title companies and other relevant services.

I understand I still have to make sure the title is clear but assuming it is, would you do this deal?  

Welcome to the forums, and congrats on deciding you want to jump into the RE investing game!

Knowing how to draw the value of a subject property is one of the most crucial parts of the game.

After underwriting a few RE deals, I decided I needed to get into the RE game.

I have a potential two lot home in Fayetteville, no clear title but the previous owner had the property for over 10 years, he could not find the heir who held the clear title after the sale.