How would you evaluate this deal?

I would seriously evaluate the situation and decide whether you even want to keep them.

Then I will evaluate my continuation as a Property Manager.

Being the first of it's kind makes it difficult to properly evaluate.

Focus every single day on moving forward; whether that's making connections, evaluating properties, making offers....etc. 

Creating a LLC isn't very difficult or time consuming but I'd recommend getting your feet wet with a househack and then if/when you decide to transition from "living for free or living" to starting your real estate investing company then evaluate creating a company for buying the properties in.

When I've seen "NO DUE DILIGENCE" language in the past, I've understood it to mean that one should do all inspecting and evaluating before submitting a binding purchase agreement.

Can I ask that my bank re-evaluate the rate?

If you are worried about the current market, I would take some time to evaluate your risk tolerance.

Have evaluated a number of deals but haven't found the "right" one yet.