Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

The purchase price stands at $229,000 with an estimated rehabilitation cost of $50,000.

You will have to obtain appropriate insurance which in my case was much harder to find and cost twice as much.

But it should all be appropriate to where you are in your net worth, assets etc.

If he sends that in and is accepted, he would need to wire money to the Lead at the appropriate time.Some level of technology aptitude is important. 

This will ensure you can start saving at appropriate levels.

This is a good question that people on here should be able to give you ideas about what seems appropriate and what would seem excessive.

The wifi is what will allow you to access the door remotely.If you don't want wifi on it, Then you can still get a smart lock you'll just need to pre-program several different codes into it, and then give out those codes appropriately but you'd need to be on site at the door itself to program initially or update it.From personal experience I find the touch screen or wifi locks to be complete POS's that are not reliable and the battery does not last long.  

(other than having cash/equivalent, preliminary title report, and the appropriate deed ready to go 'on hand')The MOST difficult part of this will be getting the lender to provide you with the reinstatement figure to bring the loan current (I do this and take title sub-to because it's actually easier to get the lender to provide a reinstatement than a full payoff). 

Very good lighting inside&out (on a timer), plus motion activated lights as much as possible/appropriate (they make super bright LARGE led ones, even solar now so don't need to be hard wired).