She made her commission, we were stuck with the massive loss.  

We have made friends with a few other newbies and will be attending the next Alamo REIA event.

You were given a credit, so you have their money.I would not try to collect anything for late return of keys, assuming you had access to the property and they were really out.I highly recommend you find a landlord/tenant attorney and have (pay for) a conversation about landlord tenant laws and customs in your area.  

I would have been at about $200,000 if I would not have made those 2 early mistakes.  

My son is our real estate agent and it's his first deal ( we're his first customer!).  

Is that a textable number (I think i just made that word up, lol)?

The LLC is simply the reporting mechanism to record the property's sale and to determine how much of the the resultant tax gain from the property's sale gets reported to each LLC partner/member on the Schedule K-1 issued them by the LLC.The partnership should receive the sales proceeds (it presumably made the sale - correct?) 

What I like to call "mortgage fraud made easy."

As a new real estate investor, you should start in your own back yard where you have the advantage of first hand knowledge of the market, the customs, expectations, laws, and a network of friends and acquaintances who can help with advice.  

Is anyone able to provide a personal example of a deal they've made using subject to and their exit out the deal?