NOTE: this takes self control, do NOT go to vegas or shopping with the cash!

To be more precise, the contract itself.

Also there are some shared expenses, insurance, lawn care, pest control, and capital expenditures like the roof are split between 2 units.

That is a great plan if you have deep pockets to cover payments and if you REALLY know your business and can maintain control of the property.

Buyer would name their new trustee and they would own and control the property at that time.The standard way to do this is to name yourself as the trustee and your entity as the beneficiary, then at closing, transfer the beneficial interest in the property to your buyer.

But after listening to Podcast 105 on asset protection I'm thinking it's better to "control" the LLC rather than "own".

After I get more properties in my portfolio, I will start testing out Property Managers until I find a good one, and put all my properties under PM control.  

Attorney has realistic client control and more influence over seller than you, in this case.Reduce your deal basic terms into about 7 essential line items, such as:1) Consideration2) Terms3) Possession4) Inspection 5) Title6) Escrow7) Buyers vestingNow that you've spooked the attorney, it will be harder to close.

When you say "Umbrella" insurance policy, what precisely are you wanting to protect? 

Your intentions to cover the debt are really irrelevant and in some cases are beyond your ability to control the situation.