Again, goes back to the investors risk tolerance. 

Since, currently its about "even"I think which is "more beneficial" is more attributable to your investment strategy and risk tolerance. 

The septic, water, and power hookups would still require permits, but depending on your risk tolerance and the size/privacy/location of your lot this is something that is often skipped as well.

Big fans of #2 (risk tolerance), 5 (what type of RE), 8 (responsibility) and then I would really ask yourself how much time do you have to commit to investing in RE. 

I would check with the manufacturer and see what tolerance they allow to still consider it a 'level' floor.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

But each of us has our own level of risk tolerance.

Should I be more tolerant of risk because of my age?

A seller who is pulling their hair out can be a very motivated person, indeed, if you can tolerate the insanity.

I say wait until this point to invest much time into this opportunity if you intend to acquire via conventional method, as opposed to going through the back door.Once under contract, prelim in hand and recognizing the title company's interpretation of the facts, move forward according to the tools you have and your tolerance for risk.