He has represented numerous clients, both commercial and residential, and real estate law is one of his core services.

Over the last 5 years since getting licensed, I've helped numerous investors analyze deals, acquire property, rehab them, lease them and everything in between and even through to helping them resale, etc. 

Also you error ed re parent child llc requires 1065/k1.

I have watched numerous BP podcasts and read a couple RE books so I have a pretty rudimentary knowledge at the moment.

If you have not closed yet, you can make it a condition of closing that the current owner has to get the tenant and owner to initial off on their obvious administrative error after they fill in the lease ending date.

Plus you can purchase several in a portfolio with differing price points across a numerous geographical locations to mitigate your risk. 

There are numerous routes you can go from here, and don't get boggled down by what seems to be a single rut (or two).

Here are my opinions about the subject after speaking to numerous clients and investors about the subject:LLCs (if they are run properly and you keep everything separate) do provide a measure of protection and they are worth the trouble (when you reach a certain point).Basically, when you are starting out, probably keeping it out of LLCs and getting lots of insurance coverage will get you better loan terms (as the other posters have already outlined and as you figured out as well).However, at some point, you should anticipate the need (and desire) to switch over to puttin your future investments (but not your past ones) into LLCs.LLCs are also important if you are bringing in outside investors.

I'm pretty new to this and learning at my own pace through trial and error and posts on this forum.

Running their credit or background check is fairly simple - there are numerous sites that can do that for you over the internet.