I’ve considered different things such as covering renovation costs for some of the profits upon sale, seller financing, asking them to rent the property out and I will manage it for a fee, or just simply list and sell.

It's just a matter of knowing your preferences and working with dependable agent/PM/contractors to cover you. 

If they occur then you are covered.  

I sell Property #1 for 40K down as 'boot' to cover the recapture tax (40K - taxes + 25K) from the buyer and he/she also brings a bank loan for 180K and I carry 180K of seller financing over 20 years. 

Of course 10k would not nearly cover all of them, which we would back out if that were the case. 

I was thinking that some of the monthly gross would be held in the LLC's name to cover repairs and other expenses (please tell me if this isn't normal).

Francis James Gillies “if you can't wholesale after this i've got nothing for you “by Todd Fleming cover some points on direct mail.

My fiancé and I just finished paying off her large med school school debt, and we put a suite in our house last summer that covers our mortgage cost.

Up to 5 or 6 houses you can get a very affordable "umbrella policy" which will cover everything in your life up to several million.

They are typically cover less stuff (your personal belongs are gone and they don't cover tenant possessions) but they provide more liability.