Obviously I haven't done a walk through or inspection of the property yet, but is there anything else I'm missing that could be a red flag to look for before I pull the trigger?

Real estate has always intrigued me but I didn't really get pulled in enough to want to pull the trigger until I listened to a couple podcasts from Grant Cardone and read Rich Dad, Poor Dad. 

We got to know the neighborhood and months later we pulled the trigger on a property that ended up being very successful for us.  

first off congrats for pulling the trigger at a young age and qualifying for  home.just because a builder was sued or on the news does not make them the devil.but regardless most of the sub prime melt down was this exact attitude.. what does it cost me today ??

Just have to wait until the banks actually pulls the trigger, can't sell at auction, and have to sell REO.  

The trigger for lien releases to take affect is when the check is negotiated.  

This might change their decision to pull the trigger on moving up to a larger house or an investment property.

A little about myself: I'm a legal professional here in chicago with extensive experience in civil litigation matters concerning work and auto injuries.

(Note: not own the property out of the LLC, don't want to trigger a sale).

I don't want them contacting the lender obviously to verify anything and triggering the due on sale clause in case the financing doesn't go through with that lender.