Concerts, parties, etc..

We just started this year and already have 2 duplexes under our belt, refinancing one and hopefully will be getting a third one before the end of this year. 

Having said that, I still prefer the standard contract as it conforms to state law, and is designed to be fair to both parties, and covers a lot of the "what ifs" that can occur.  

@Shelly Forte is organizing a BP Meetup although it's in the NW suburbs (very far from you).I also organize a Lender Meetup every third or fourth Wednesday of the month in Downers Grove.

As an unlicensed party to a transaction :)

I just use one LLC for all of mine.You will have an additonal schedule on your personal tax return for the LLC and the properties but it will still be with your personal return.As far as the deed goes, not sure of the process in your state but you can just have the deeded party changed in a simple process and its not that big of a deal/expense.Your accountant can set up the LLC for you or you most likely can do it yourself online through your state web site.The added schedule on your tax return still files with your tax return and will not change your income for the year.Taxes will still be sent to the same address they have been coming to unless you change that, they will be in the name of your LLC not you/your wife's names.

I feel that I'm arriving a little late to the BP party, but better late than never, right? 

Third, in my neck of the woods there would be water credit concerns, etc....

Many Buyers and Buyers agents here are skeptical of the "Joe Schmo" homeowner who "took care of it himself" so as others have suggested, for peace of mind when you sell it I would have a clearance test or air quality test performed by someone so you can show it was remediated correctly and 3rd party test results show that. 

Bring in a good contractor and get firm estimates prior to closing this transaction.Also keep in mind that while the realtor may be competent and honest in her evaluation of this being a good deal, she stands to make a $12,000 commission upon the deal closing so she is not a disinterested 3rd party.