We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

And not sure what state she is in but in Texas a homestead is protected. 

Another thing you could do to protect yourself some is request an larger security deposit.

The EMD of course is to protect the wholesaler and is used as a means to filter out those who can perform and close on the deal vs those that are not able to perform.Hope this helps!

I hire them to do simple due diligence up front. usually 3k to 10k.. to determine if the plan is feasable from a building perspective as for market perspective I rely on my own expertise to understand what works monetarily.3.

Given the nature of your question I am guessing that you have some friends or acquaintances who wish to pool capital to invest together in a syndication opportunity and they're relying on your expertise in some fashion to decide if the deal is a good one. 

You invest your IRA in real estate because you believe you can better protect and grow the IRA with real estate than other investments.The structure you have been introduced to is a "checkbook IRA", where the IRA owns an LLC that you can control.  

The best thing you can do to protect yourself is to have the basement tested for mold by a company that does only mold testing and not an abatement company.At the same time, you can send your tenant a letter warning them that they will be liable for mold testing if no harmful mold is found and you will pay for testing if any harmful mold is found.The very next thing we do is; send your tenant a certified letter telling them that if they suspect their health is at risk for any reason that relates to their rental unit then your tenant should not reside in your unit for one more minute and should move to a place they feel is safe because you will not assume liability for exacerbating their health issues, if any health issue in regards to mold exists.At this stage, all communications must be in writing and well-thought before communicating.Your situation has happened to us several times and we had a tenant who lived in a brand new unit for only 10 days and he told us he was vomiting and had nose bleeds that resulted from mold.

Should I get liability insurance in order to protect myself if any incident would occur.

If you have friends or relatives in other areas, leverage their expertise of the area and they can be your boots on the ground (don't abuse their time of course) and you can reward them financially if a great deal comes along!