If I lived in Indiana I'd be doing a ton of deals.Many parts of Indy experienced zero rent growth and effectively zero appreciation in the last 30 years.

However it really is not a cost effective use of time.

My point is that there are so many potentially dangerous unforeseen scenarios that could effect the two of you, that having a clear legal document should take priority in your evaluation of this "partnership". 

Start reading and take time to engage other members.

When a rental property is foreclosed on, do the leases get wiped out or do they remain in effect? 

They have effectively told you, by hiring the listing agent, that they do not want to be directly involved in negotiations and it won't go over well if you try to contact the seller.

I think its a more effective use of funds.

Even taking affidavit's to this effect or having the LMO take a notarized statement from the borrower that they are happy with all terms and price.  

Require at least annual proof that the policy is still in full force and effect and require the insurance company to provide notice to you at any time the insurance premium is unpaid.Indemnity and Insurance; Escrow Accounts.

<bump>  Series LLC effective in VA: July 1, 2020Found some analysis of it here:  https://www.fplegal.com/assets/files/resources/599/fp_rhh_virginia_series_llc_article.pdf