Just make sure you're protected on the legal side if things do go as planned. 

Wyoming LLC is just for the asset protection.

LLCs usually provide an extra layer of protection between you and your investments.

Currently it is all under a single LLC but not sure if this needs to shift to a C corp and looking to take in a partner on the construction side so need to make sure everything is separated and protected. 

If he is willing to carry the house completely no payments until we sell etc. what is the best way to protect everyones investments to make sure everyone is set?

Any time you have a renter, you should provide them with a Lead Paint Disclosure Form and the pamphlet on how to protect themselves from lead paint.You can get the form and pamphlet here: https://www.epa.gov/lead/real-...

What other things I can do to protect myself in this situation?

I haven't seen information on what to do when you have a newly signed lease, and your current tenant decides to stay as a tenant at sufferance; I wanted to prepare and hear other people that might have gone through that so I could learn from it.I appreciate your insights! 

Without clear answers, I think that liabilities are being created to protect from other liabilities.  

It's worth reading to get an idea of what's involved and how to protect yourself.