The only liability I would need to pay would be Taxes and Insurance, thus this post's origin, but I'm working on a solution to that.

The title company is Title 365.The document just discusses title insurance, an amended commitment, deed information and certificate of liability insurance. 

Off the top of my head...Mortgage PITI, Home Owner's Association if applicable, liability insurance, lawn or garden service, pool service, water if owner pays, property manager.  

There will also be an updated title search done with title insurance.If I go through with the sale, what kind of liability (title-wise) will I have once the sale is complete?

Plus, if you have a well written lease agreement and sufficient liability insurance coverage with a sizable balloon then your liability is greatly reduced. 

Furthermore, you don't want to have the responsibility of collecting an applicant's SSN and then keeping it - they probably wouldn't trust you and it's a liability for you and could come back to be a legality program - you never know what could happen.

Definitely dont include the illegal basement in your analysis, its way too much of a liability.

This is important for liability and tax reasons.

I will be getting an umbrella policy for liability coverage.

Your liability is too great.