Being new I decided to call the phone number and I get a recording that you must be a cash buyer only to leave a message.

As far as legal obligations, I just don't want them to be able to go after us personally for whatever reason, does using the LLC as a property management company essentially leave that entity liable for most anything that could happen? 

HI Daniel,I hope that you don't plan to leave your 9-5 to simply jump all the way into RE.  

Also make sure you have another exit strategy, if you buy below market you'll have equity and will be able to easily sell in the future.Most deals on MLS aren't going to leave you much room, too little inventory and too much competition.  

I don't want to leave there, but people there will need a place to live I assume, right?

I'll leave the rest up to you.  

i found a property I think is a good deal any advice on how to put it under contract and finish the deal where everyone leaves happy

Take a friend with you, ALWAYS carry your phone in your hand, and leave if you get a bad vibe. 

Do not get tempted to leave your market and invest in an area you do not know.  

This would leave you with $109,700 in taxable income.The capital gains calculation:Taxable Income of $109,700 less the $100,000 gain = $9,700.