The 50A breaker on 8ga wire is surprising, and from my experience incorrect. 8ga wire should be protected by no more than a 40A breaker (unless dealing with certain loads like motors... but that doesn’t apply).

I remember spending hours looking into where a $17 deposit came from!!

Does anyone see nonapparent hazards, besides having great paperwork for my protection and control? 

And in every locality that makes up tenant-favorable protective policies like the ones you've laid out, OC always, always benefits.

An agreement to get paid back if it doesn't close will only protect you if you go to court, and if they would even have the funds to pay you for it.

I think that it would be really important for you to consult with a RE professional to evaluate the true price of your property to make sure that your numbers are correct as well as partner with a rental and property manager to know that your asset is well protected.

There are other details that may it challenging for a small investor to benefit from the OZ like spending the required capital within 30 months of closing and closing the property in an LLC.  

. - I decided I didn't want to mess with it because Im starting another project with higher potential return.Now, as an example, I look at this one:https://www.zillow.com/homes/63-GRANVUE-DRIVE-BELL...Its on the Auction block, if I picked it up for 2 or 3k, and sold it for 10k to someone else who wants to work with it, essentially a wholesale deal, and didn't spend any money fixing it up, and agreed to max 1k realtor fees if any, I might make some money on it.If you go to our county tax assessor site, and search '63 Granvue', youll see that 1) the total taxes for 2018 are $2981.38, and 2) they are paid by the bank already for 2018 http://www.co.st-clair.il.us/Pages/parcel.aspxWhat I am asking is - if I bought this at auction, and sold it within a couple of months as a property someone else can rehab, how would the property taxes work / what would I end up paying? 

Things such as forms to use that will protect me so I don't get stuck with the property if the buyer backs out and the process of the deal.

Familial status is a protected class and requiring the short term tenant to be married could definitely be considered discrimination.