It has pros and cons. pros: the liability is within that LLC, I.e. if you are liable in a lawsuit, you don't owe more than the value of that LLC, I.e. the house.cons: might be harder to get financing. also more paperwork.There are more to it, but the points above stand out from most people's consideration.

Decided to save on inspection draw since it was such a quick closing. 

To be fair to your Seller though, she may want to have an attorney draw up the Promissory Note to assure her interests as a Lender are protected.  

I deal with a lot of investors making drawings and obtaining permits for them in chicago.

Happy to flush through a lot of these preliminary considerations if you'd like to chat!

Define your requirements, taking into consideration the realities of the market (Austin is heavily weighted toward the appreciation play at this time).

So, lots of considerations here: Is the price accurate given the location, age, condition?

If written plans were not part of the contract, then you know your answer, which is #2 (sorry).Most contractors do not draw plans anyway; architects create plans (to scale, etc).

Hopefully that won't happen, but it was a consideration when I bought it, so I have planned for a long hold if necessary. 

As I mentioned I just renovated and sold my home in CA and gleaned some very valuable experience that I intend to draw on going forward.