If you're not running the LLC properly, it will not protect you.

I am currently working on structuring my organization to ensure I am protected moving forward.  

What kind of language should I have in the contract to protect myself from him backing out of the deal down the line?

After they plug say $10k to enforce the lien or protect their interest.  

I am not sure what language to use that would protect me if I am not able to find a buyer.

Hey Rob,  Great and important topic indeed :)As Rob beland clear that first of all you must clear from that agent that what are his expertise and make sure his expertise fulfill your needs.

Are there any ways to protect your credit from all these soft inquiries?

Protect them and make sure they are not harmed no matter what.

If I can present these potential investors with a legitimate wholesaling opportunity, having transparently quantified my due diligence on the property, I believe that this could be my way to break into the REI world.After reading many forums on setting up the business side of REI, I think having a Parent/Subsidiary structure will be most beneficial, as not only will I have personal asset protection, but also because LLC's are cheap and easy to set up in Michigan. 

The attorneys argue they do a better job of protecting the client.