,I have read that some put notes on free and clear properties as a means to protect themselves from creditors or frivolous lawsuits because you have effectively removed the equity (as seen from the outside) but really you have simply transferred it.  

Perhaps remove the 1.5 story and just use same beds/baths.

If you're telling the buyer you're going to buy, but loading the contract with weasel clauses that let you out for now reason, then, yeah, the buyer is right to remove those clauses.

Would you remove something, or perhaps dislike the way I worded something?

In the basement I used my nose and sniffed along the wall - marked several areas and removed the drywall in those sections.

I'll try to post updates bi weekly; In the past week, the following has been done: --New roof installed just before closing--Light demo completed to reveal hardwood flooring throughout the home, gut kitchen, remove bathroom fixtures, remove trash throughout home and backyard.In the next two weeks we have new framing in kitchen to be done, start some electrical updates, get the half bath and basement back together (those are the easiest) then do drywall patch and painting and refinish floors. 

As a re-habber I have not had any horror stories but when you take over a property and remove walls I expect to find problems but nothing that could not be fixed with a little cash and hard work. 

Popcorn ceilings are outdated, so this is a good move to remove.  

Here are the comments that I agree with, and my own twist.Try to find a way to mitigate the hit to your rental income  Pay the tenant to do some lawncare/snow removal, or paint the outside... it will probably need it sometime.  

They are responsible for the storm door, you can either remove it if it's a hazard, or replace it and have them wreck it again.