But later when my agent wanted to see the approval, she dismissed it and we found out it was only a receipt from the bank for the seller's documents. 

Consider documenting the entire process in a thread here or on a blog like J & Carol Cheers 

2) how do I protect myself (as far as what type of documentation should I demand to see, what should I be named on, etc.)?

I do hire cleaners even when the tenant leave its "broom clean" because new tenants expect better than that.If you have documented repair costs for things like the cabinets and countertops I think you can charge for those.  

If you have enough documentable income, you can afford to two carry houses (your primary and a second house or vacation home). 

When I checked the documentation that was sent by the firm, it was only addressed to the owner and not the lien holders.  

Just so there are no mistakes - it's easy to overbook someone, forget to document a payment, etc. 

The bank was made fully aware of what we were doing and they had no issues.My wife has to sign a document when we purchased our MO properties even though she is not on the loan or deed.

I would like for him/her to look over my lease and other documents for advisement.Thanks

I'd like to think you'll find the resources we offer on structuring syndications / private offerings to start your own RE investment firm informative as well (pretty sure I'm biased though).The terminology, process, necessary documents and decisions (PPM, Reg D 506 (b vs c), blind bool preferred return, etc. all seem a bit overwhelming at first, but it's pretty straight forward once you understand the basics and get some exposure to the moving parts.