@Conner Parsons,The 45 day list is for real and rigid but there's some things you can do to mitigate the risk and angst associated with it.The 45 day clock starts with day one of closing. 

In this case you will be taking on a bunch of risk on the assumption that your performance goals are met3.

It is great that you have a family member who is willing to take a risk with your leadership. 

I have been making a living at real estate since 1994 and I currently feel like there are no moves left on the "chess board" Valuations imo are reaching an extreme and risk is increasing. 

I think the answer is very dependent on your appetite for risk.  

The benefits for you are that you have limited risk if something happens to the property it's less risk for you personally they go after the LLC unless the problem was your negligence and then they can go after you.

I read this section as the tenant needs rental insurance and includes a box for an amount that they may have no less than.My first question is am I reading this correctly and it just says the tenant must carry renters insurance?

So this decsion plays a little into both trying to build a portfolio, but also finally having a place in where I'm originally from and often visit.I know I'd likely not see any cashflow from a Westloop condo, but I'm curious if anyone has any recommendations to lower my risk for the area.

What type of risk does this cause (if any) going from my LLC to my personal name, back to my LLC?

Renting the home is high risk, Tenants do damage, stop paying rent, skip out without paying and create all sorts f stressful situations for home owners.