If it were an exclusive buyers agreement and insisted on 3% with no contingencies, that is a lot more rare and broker-sided but from the terms you've provided, it appears he's just trying to protect himself from timewasters.

Partnering with a local Las Vegas expert, like a realtor or property manager, can provide valuable insights.

BBB is "okay," but not always accurate, and any complaints fall off (not shown) after 3yrs.Even Angi (was Home Advisor), while not great for providing leads (direct knowledge), they're sticklers on the Reviews. 

We asked why and were told that "our client has exercised their right to rescind, Georgia law does not require them to provide a specific reason as we are within the statutory time frame."

He may provide oversight as your brokerage would be providing dual-agency, but it is your duty to represent the seller as their fiduciary. 

@Milton Chamberlain100 votes for providing a reality-based response.

Umbrella Insurance: An umbrella insurance policy provides an extra layer of liability protection beyond the limits of your landlord insurance policy.

To provide some context,I plan on using a conventional loan and put down 5% (That way PMI goes away).  

A final 1003 at the top, provided from the actual lender should have that designation.

Additionally, consider other factors such as potential appreciation, tax benefits, and long-term wealth-building potential.Lastly, don't hesitate to seek advice from experienced real estate professionals, such as real estate agents, property managers, or mentors, who can provide valuable insights and guidance as you navigate your first investment.