I also asked him to have an actual conversation with our 1031 intermediary rather than emails subject to assumptions and misinterpretations.If I can't get the free lunch, at least I can minimize and defer!

While Missouri does have a "Warrant of Habitability" default assumption for rentals, it doesn't excuse the tenant from paying rent unless they follow a detailed process. 

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

These are the things that I look for in an investor for me to expose them to deals days before I consider putting them on an email list.These points are under the assumption that the wholesaler has already demonstrated they acquire quality deals- not for when you are just forming your relationship.

I'm sure I'm making all kinds of mistakes and have false assumptions. 

You made assumptions without doing any due diligence.

If my assumption above is correct, is it worth me starting out in an LLC or do I just keep it simple and buy in my name?

And of course the assumption is that you're buying your properties correct in the first place, to buy and hold through any storm. 

Purchase price: $75,000 Cash invested: $15,000 Sale price: $125,000 My first deal, I was 21 and had no clue what I was doing (and was under the assumption you needed to put 20% down).

Purchase price: $75,000 Cash invested: $15,000 Sale price: $125,000 My first deal, I was 21 and had no clue what I was doing (and was under the assumption you needed to put 20% down).