Just make sure you're protected on the legal side if things do go as planned. 

You don't need to switch the loan to an investment property, it can stay the way it is. 

Wyoming LLC is just for the asset protection.

LLCs usually provide an extra layer of protection between you and your investments.

Currently it is all under a single LLC but not sure if this needs to shift to a C corp and looking to take in a partner on the construction side so need to make sure everything is separated and protected. 

If he is willing to carry the house completely no payments until we sell etc. what is the best way to protect everyones investments to make sure everyone is set?

Keep in mind that any plumber who will give you an estimate for re-lining the pipe will attach several disclaimers to the quote, including "if we find that the technology is not workable for the particular situation while we attempt the repair, we reserve the right to switch to full replacement".  

Any time you have a renter, you should provide them with a Lead Paint Disclosure Form and the pamphlet on how to protect themselves from lead paint.You can get the form and pamphlet here: https://www.epa.gov/lead/real-...

What other things I can do to protect myself in this situation?

Without clear answers, I think that liabilities are being created to protect from other liabilities.