Granted, the owner was a total slumlord and refused to repair anything, but I'm confident that a large part of the issue with the bugs was caused by the tenants themselves. 

I don't see discussion on this issue.. isn't it the case that Mojo dials multiple #s that are in separate columns. 

If you'd rather not deal with tenant calls or maintenance issues, a manager might be worth the cost.You've put some great thought into your plan.

We had been having issues finding any deals in our area because of homes rising in price.  

You may be able to find houses that will get close to that criteria, but they will most likely be in less desirable neighborhoods that you will have lots of issues and turnover.

If you don't know your landlord tenant code, how to give proper notices, how long you have to fix maintenance issues, how to evict if needed, etc...you should hire a property manager

Example:Late rentUnpaid rentNoise violationUnauthorized occupantUnauthorized petAbandoned rentalAfter creating your list, consider the law and advice from NOLO and build a policy or process for handling that issue.

If your LLC is sued, you will be required to defend the LLC, your name will then become known, and the plaintiff's attorneys will amend the complaint to include you.

They are open to being bought out of the property at $180,000, but that would have to be paid to the estate in a lump sum at closing.I haven't been to the property, but the pictures show that there is a mobile home and 2 barns (all falling apart and need to be demolished). 

You'll need to be able to substantiate your status if you're ever questioned about it, but it sounds like you're really good at record-keeping already, so that shouldn't be an issue.