It is each party's responsibility to ensure title company documents and the closing statement are correct. 

The name can be anything, but check the SOS website for your state prior to filing to ensure it's available by Googling "{state} public entity search" and searching for your top choices to see if they're already taken.

How do I ensure that their are no leins on the property?

If my intent is to keep the property for our portfolio or sell it to another investor then I also have to ensure there's enough meat on the bone for that investor to profit.   

Also, ensure you contract has an out clause which will enable you to get out of the transaction if you cannot find a buyer (something about dependent on agreement with your partner).That's my two cents.

If so from what I hear you need to ensure you have found a bank that will do so.

What are some recommended homework I should/can do to ensure specific location is worth while.

If there are other clauses I need to ensure my interest please share.

I feel like this will ensure that our buyers a solid margin for their profit as well (it will meet a ~6.5% cap rate if rent is raised to market prices).Thanks!

My opinion would be to fix the deducting and ensure the thermostats are operating the proper furnaces.