Maybe a year from now a tenant will be claiming that blablabla was broken when they moved in, and your property manager will be able to shut that back-and-forth down really quick by showing the tenant that portion of the inspection, potentially saving you lawyer fees. 

Don't spend a dime on the place until you have it tied up in contract, but I'd speak with an eviction lawyer once in contract, and consider it part of my due diligence inspections.

Here’s where I’m at:1) I’ve found a wholesaler that has properties in Indiana that they’re selling.2) I did the math and the returns makes sense. 3) I’m in the process of negotiating the purchase. 4) They’ve sent me the purchase agreement and my lawyer has looked at it. 5) I’ve went back to the wholesaler and requested some additional documentations.

@Will Flores I always compare it to having a lawyer when you go to court.

How did you choose a lawyer?

My husband is a lawyer in the Air Force, so we move states every 2-3 years.  

Forget the LLC all you need is insurance but most importantly you need a qualified lawyer to draw up you partnership agreement.There is no place for trust when it comes to business and money,  what you need is a air tight legal contract.

Have a lawyer review the contracts to know for sure if it's revocable or you have to use the existing contracts until they expire (then you can replace them with your own).

You also need to make sure you have a very good lawyer and CPA. 

Look at hiring a lawyer to write and form a project based LLC.