Um, spend a few $100 and consult with a real estate attorney on your options as right now we are just speculating.With 20 years of experience in KC, I am guessing that seller would probably do nothing and accept the EMD as liquidated damages, I have not read our 40-page contract of late, so not sure. 

However I do  not know an attorney that would buy real estate in their own name. 

Develop an operating agreement that spells out the purpose of the LLC who has what role, who makes decisions, how are differences between the two of you resolved and an exit plan.Have an attorney draft up the document so each party is protected.  

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Please talk to a real estate attorney in the state where this property is located, so you can learn about your options.

An office for a landscaping company, pest control company, chiropractor company, rent-a-car, attorney office, etc.

4) What is some advice for someone starting out that has not yet had any experience with buying a house, working with realtors, title companies, attorneys, mortgages, or even real estate contracts of any kind?

*Any advice received is not legally binding as you are not my CPA or Attorney*

*Any advice received is not legally binding as you are not my CPA or Attorney*

I will seek an attorney and go from there.