My reputation is very important to me, especially given the fact that I have been in small business for over 5yrs, and I understand the value in keeping a pristine reputation.

I was under the impression that you pay less taxes with an LLC because you would choose corporate taxation. 

There is a wealth of knowledge on here that will be invaluable if you choose to commit yourself to something with real estate.

How did you go about choosing that area in Indianapolis to invest in?

I would definitely come to a formal written agreement with whomever you choose to carry out property management from here forward.

The best place to start is with an independent insurance broker, who can choose the best option at this point in time.  

The only problem with the scrap metal idea is that you have a high chance of having someone uninsured doing a high liability act on your property and scrap prices are pretty low right now so many reputable people scrappers have "scrapped" scrapping :)

Location and the market you choose is very important.

Additionally, the purchaser may choose not to purchase - and this may sour relations with the landlord - also not ideal, given the relationship.Any thoughts? 

The location and market you choose are very important.