A reputable seller that stands behind the notes they sell has more credibility than some random unknown seller on one of the exchanges.

Honestly, you will never stop someone from smoking outside the property if that's what they choose to do, but as long as they clean up after themselves then it shouldn't be the end of the world.

Most wholesalers I have worked with will already have a file opened with a reputable title company.  

It helps to be familiar with vendors too, my rule, ignore small unknown sources for maintenance receipts/charges as many play games, larger reputable companies will have more standardized pricing.If you can determine vacancies from lease files, good, but still be careful for leases that can't be verified by lease receipts/deposits.

I run the ads, collect the applications and then  they choose who they rent too.  

Whether you choose to address them in the operating agreement is a different story, as that can add to costs to put it together, but definitely things you need to at least think through in advance.

Thank you for mentioning that, though, because the wall was probably the most-debated decision we had to make as far as finding that line of over-improvement (right next to choosing the flooring material).

Buyers would choose from 4 different models and they would have to pay for the foundation and infrastructure on that small lot (driveway, utilities to home, yard, ect.).

They also offered to pay for their own painters if they could choose the color(s) & then they upgraded all the outlet plates, the toilet, both bath sink faucets & took back the kitchen backsplash tile we bought & they paid for upgraded tile.

It seems to me there was/is a basic idea underlying the creation of the rules, that there should still be an opportunity to redeem in the event that the lien/deed holder chooses not to perform quickly.