The two of us can now share best practices, where to buy cheap materials, who has cheap insurance, mortgage lenders, contractors, community insights, strategies, even renters that we liked but decided to go with someone else.

I spoke with a lawyer who quoted me at $5,000 to create legal documents for this sort of transaction.

What documents will I need to send?

They are fully documented and fully legal.I don't know if a credit/criminal would show anything but you should definitely require proof of their ITIN to verify identity and their legal status.

> Are there any federal or IRS documents that I need to fill out for this process?

Should I contact the insurance company?

If there are underground tanks or other potential environmental hazards, it gets passed onto an environmental hazard insurance company and they either insure it or they don't. 

I am a new investor in Fort Worth, TX looking for a reputable attorney for a LLC formation and associated documents with tax structuring.

Jeff,You should review the Insurance coverage for the property to make sure the Named Insured matches the entity on the title. 

Does this cover your payment with taxes . insurance, and a little for repairs?