Just having the vacant contingency in your contract should protect your EMD.

In any action with respect to this Lease, the Parties are free to pursue any legal remedies at law or in equity and the prevailing Party in litigation shall be entitled to collect reasonable attorney fees and costs from the non-prevailing Party as ordered by a court of competent jurisdiction"I think this should protect me.

(I'll likely get some ridicule for that one.Private money lending, hard money lending.Do some meet ups and spend time getting to know the local scene players....listen and learn including what not to do. 

Just legally wondering what protects landlord/tenet regarding this.

Else the protection your LLCs provide is out the window.

People on BP love LLC vesting because someone convinced them for a fee $ it will protect you from harm.

A group of A players who are on their way to success in real estate investing.

ANY advise on how to structure this and protect myself would be much appreciated.

There is also some specific verbiage HUD requires in the purchase contract to protect the borrower and disclose some of the 203k contingencies to the seller.

@Raji Kaur most of the standard leases we use in Chicago have language about abandonment that would protect you.