I got Rem Relief from bankruptcy court and waiting for a trial date in state court.They are anxious to settle now and the offer they have is to vacate the property and leave if I withdraw the case from state court.Questions:Is there any legal protection for the damages to the property?

Make sure whomever you're hiring follows proper safety practices, has a safety plan, proper tools, PPE (personal protection equipment), etc......especially on a demo job.  

To protect options, look at performance mortgages, pm me.

I hope to gain knowledge and expertise in the real estate field.

LOI is just a handshake agreement it's not legally bindingThen next have a feasibility period or more specific contingencies (financing, inspection, etc) to do the rest of your due diligence on the property to protect you as you move forward

They purchased the house and I just wired the funds directly to the escrow account, and the house is now theirs free and clear.We agreed that we would place a lien on the property so I'll get paid back first and so I'm legally protected.

I am open to anyone's expertise in that area.

Multiple business entities each have their own purchasing power once their credit is established and there are ways to do that.The second is protection against liability.

Minus the 1031 Exchange protection?)

I'm looking for  advice/opinions, I'm about to have a attorney setup a LLC for me, I know you can due it yourself cheaper but I heard you don't receive the same protection for your assets .