Fine, I will just keep the property in my name and will collect my rents and and run my business through the LLC structure I just spent $10k on because that will keep me protected. 

Or is the good old spreadsheet doing just fine for you?

I would take a trip to see your investment if you have the time.. but I do work with plenty of investors with limited time, that buy plenty of successful deals without ever seeing them.Getting a full inspection of the house should give you better insight into the property than even if you were to just walk it, so you should be fine. 

The existing leases should be fine, but when you renew, you'll want to be sure that your name or business entity is the Landlord on the lease.

The laws are fine the way they are , they go back over 100 years .  

During our conversation I would understand that the plan would be to have enough cash from payroll saved by the time you closed to use for down payment, and that is completely fine. 

I'll look over the contract and what the fine print is here.This entire first journey of looking at real estate has been stressful from afar, and this deal sounds like it has a few of the crazier aspects of real estate (and I'm sure there's even more)Why the listing agent put tenants in, I  have no idea. 

https://youtu.be/7eoE9oaDEzMThis is a 2Br/1bd per side duplex, 1848 sqft.The interior of one unit is very bad, but the other unit is fine.

Several years went by and a town inspection found by a drive by inspector noticed the unauthorized alteration, ticketed and fined him for the infraction.

So, if you aren't licensed you don't want them to report you to the state because I believe the fines can be hefty.