How would I protect my contract with him in case he shops it and enters into an agreement with another buyer at a higher price?

Cost a little extra but that ensures your friend is protected if something goes wrong.  

Didn't suggest any documentation I should ask for, just said it may be protected by a judge order for privacy purposes so I may not be able to get anything anyway.

If you ever need this entity to stand up in court or to protect you in some way, it would be best if you knew it had been set up correctly.Hope that helps.Ed

My wife and I realized, that after talking with several friends from the local REIA we should consider setting up an LLC for asset protection.  

This LLC's sole purpose is to have investment properties title under its name for liability protection. 

Tom Chen as per my CPA and asset protection attorney, as long as I can track income and expenses for each property (think Quickbooks or the like), there's no issue with using one set of accounts, especially with a Serial LLC.

To actually answer your question, the hours it takes varies VERY greatly, and some of these for the protection of you/actually require a skill/license so thus should be considered more than just opening a door or busywork.Paperwork = 3-4 hoursAdvertising = 2-3 hoursShowings = This one varies GREATLY, first showing = renter?

Whether you will see any protection deposit or they will obtain that security income or who could keep that security income etc.Maintenance and Repairs: you need to understand what process they'll use for sustaining your home, do they have their particular crew members for sustaining it or they will hire contractor for this.

That protects my lenders.