And naturally quit my job the next day..

Instead of a cheaper natural gas furnace you are going to be paying the electric on the space heaters.

It's also not the best.Personally, I keep my company 401k in Index Funds and they perform adequately.  

Naturally I'd also be renting the house out, but I'd like to be able to cover all costs myself to keep this plan concrete.Any thoughts?

I had an inspector state that there were two natural springs under the crawl space of one of my homes I’m selling.

So naturally, I decided to JV with another investor.Problem is, when I gave first right of purchase to my cash buyer (JV partner #2), he didn't respond until two days later which in that time I found JV partner #1 and now my buyer (JV partner #2) wants to JV with me also.It's only been about 5 days since I signed the contract with my seller so obviously I have more than enough time to market and find my own buyer (45 days).So now, what do I do if one or both of my JV partners finds a cash buyer for my deal?

However, the other common promoters of these types of investments are institutional in nature and have both the legal counsel and likely the license to be able to weather the storm if the nature of note is contested.  

I suggest, forget the LLC "need", just have adequate insurance and move on.

But if you are dealing in straight option contracts in Texas, keep in mind the options can't exceed 180 days or they become executory in nature and fall under a whole different set of rules. 

It would help if there's a specific feature in the area (wineries, a natural or historical landmark, etc.).