It seems that this is a pretty low amount for someone to start out with considering the down payment, closing costs, and other unforeseen fees.

In my market all parties need to sign in order to release the EMD no matter the circumstance. 

It really depends on your circumstances, how long you plan to keep the property, and what your investing plan is.

Basically, whoever feels the LLC is worth the most buys out the other partners.I don't know your specific circumstance, but I would highly advise you to try to work out an agreement without going to litigation. 

I want to have a couple of questions lined up for the agent and wanted to see if you guys have any advice for unforeseen bumps in the road ahead.Also, if you guys have a step-by-step you follow, or like a checklist when purchasing a property for Airbnb?

CONTRACTOR shall not, under any circumstances, be liable to the client for damages due to delays

Also, make sure you have enough cash reserves to withstand any unforeseen emergencies. 

The tenant followed up with a text stating that under no circumstances should I bring any more people into "her house" without her consent.

@James Robert, you need to have some savings/income before investing in real estate, otherwise, unforeseen costs can pose a great risk.I would follow the 1/3rd rule - don't buy a house for more than 1/3rd of your income in debt/mortgage payments.If capital is an issue, see if you can find a partner who can help fund part of this or another investment where you do the legwork or heavy lifting and they provide most of the capital.Join your local REIA and network.

They either didn't provide actual numbers as evidence, or they provided questionable numbers.Educate yourself and I think you'll find it's not worth it under any circumstance.