Are there any legal ramifications to provide an LOI and backtrack due to significant concerns with the property (e.g., significant rehab budget, title is not clean, etc..)?

So it's really a judgment call, follow the exact law and you don't need it, or get it anyway to be covered just in case.I am not an attorney, this is not legal advice.

A properly set-up DST will both protect your assets and bypass the burdensome franchise tax that would be levied against a Series LLC.The Delaware Act expressly provides that “[n]o creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the statutory trust.” 12 Del.

No way, this creates unnecessary legal headaches in the future.

Do not rely on it for legal advice.

@Russell Brazil too.You will be hard pressed to find a legal multi on the VA side of the border at all. 

Even though this is basic structure, you will need to work with attorney and CPA to draft legal documents and understand the tax implications and compliance. 

The buyer will pay their legal cost and will run it by their own lawyer. 

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.The site has quite a few tools that can be helpful for new members.

People go back up north when it gets so hot.One thing to explore and is an idea that is rocking right now in LA is the concept of an ADU [accessory dwelling unit] or guest units, people are adding guest units and doing ADu conversions - this allows you to take a SFR and add or convert it to a legal rental, as opposed to having to rent out an extra bedroom and deal with roommates, you can take that same bedroom and add a kitchen and bath and you have an ADU that can rent out for a premium.