NO ESCROW: I understand Buyer may choose to “close” this transaction without the use of an escrow company and may record the conveyance documents himself.

I don't want to jeopardize his job prospects if he chooses to make a change. 

It's a tough scenario to choose as your first deal, so I would not proceed with a purchase unless you partner with an experienced investor or if you have an experienced mentor that walks you through the due diligence.But even if this doesn't close, it will be a great learning opportunity that will pay dividends down the road.  

The RE firm then renovates on my behalf for a fixed fee, markets the property, secures a tenant and, if I choose, will manage the property on an on-going basis.

I bet the builder choose the inspector, and if they did it would raise a red flag.

Buyer shall choose the escrow, title and/or closing agent.

Yes you might have a lawsuit later but the damage would be questionable-- See my "crazy idea" below if you choose this adventure.-- Adventure #1Here is another adventure that you can choose--- Adventure #2 DRIVE OVER TO THE PERSON'S HOUSE & TALK WITH THEM DIRECTLY FORGET THE MAILMAN AND PAY THEM MONEY TO BREAK THE CONTRACT.

Well when I graduated in the year 2010, being an agent was probably the least desirable career to choose (I probably could have made more money being a trash collector in Detroit.)  

Any firm decision is far from made on my end as I'm keeping an open mind and will walk away from the idea of investing in this city if the conditions force me to.I am going to Minneapolis this summer to spend a week scouring potential properties (with an open mind) and may choose to just stick to the Los Angeles market.To the savvy investors in this forum:Has anyone invested in this zip code area and if not does anyone have any knowledge about this area of Minneapolis?

Choose a good high quality shingle but more importantly choose a good reputable roofer with a good workmanship warranty.