Is the buyer qualified to make the payments.2. 

If the LLC was administratively closed by the Tx Comptroller's office for non-payment/non-filing then there is a de facto argument that the contract was signed by the members/managers (if proper) that the successors in interest intended to sell the property, so it is right and just to enforce the contract against the successors. 

In my area I don’t think I will have a problem with my tenants sending partial payments to stop the eviction process if it ever comes to that or doing a charge back to try to get their rent back for several months.

Our goal is to ensure that you have the resources and guidance you need to thrive in your home.Empower them with knowledge about the wide array of community resources that provide valuable financial assistance, ensuring they are well-informed and equipped to access the support they need.Negotiate Payment Plans:Work collaboratively with the tenant to establish a mutually agreeable and realistic payment plan if they are experiencing financial hardship and are struggling to make their rent payments.

He has cut off all communication. 

Our monthly payment will be $3400 and rent will be roughly $2400. 

It is a great idea, but I think the slight edge goes to bedding in the FL market.

I understand that typically most investors sub out the work for reno, but i would like to do my own to cut costs, especially being new to the game.

You probably cannot allocate your income (and, with it, SE tax) other than 50/50, however you may be able to achieve your desired result via a "guaranteed payments" system.

If you want them to give you a huge down-payment AND go 2% higher on their loan....then you'll have to give them something in return.