We'd like to start an LLC to shield our personal assets, but I've seen in my research that it's significantly more difficult to receive any type of mortgage/loan through an LLC than it is through a standard mortgage. 

So, he has the means to buy and fix up properties but not the inclination to bring the properties he already owns up to a decent standard. 

I would lose.. so why go through the fight in the first place... we have them resold at a nice profit already so it worked.. my point was that I was of the same mind you were with liquidated damages clause in the EM agreement but come to find out INdy does not have them as a standard fill in the blanks like we have on the west coast.I just won my first performance case of my career last year.. it took two years and about 10k in attorney fee's.. and I was totally shocked but the judge allowed me ALL of my attorneys fee's in other cases I have won over the years the judge usually just gave us a token amount .Now this was a case were the seller and I went into contract and the seller went dark..

If you used a standard lease form, then the conversion to MTM is already covered there.  

Just your standard settlement fees.

Is this standard practice?

If the HML guys (lenders btw, not loaners :P ) will not touch you due to lack of experience, one option would be to find a property juuuust good enough to get a standard Fannie loan, and let that be your first.

Lou,If I run my analysis and I see the standard $100 - 200/door I tend to think that is a good deal, and warrants a very close look see as to why.

For thickness you want to go with with either 18g which is considered a good standard, or 16g if you want a really nice quality feel.

That is standard procedure for them.