I've had to fire several, before deciding that the only way forward was to take control myself.Are you an accredited investor?

That is awesome, getting the degree and practical experience at once...

Wayne Brooks the answer that I could come up with is because it allows the investor control the property with almost no money down.

Sounds like your not yet ready for these if they are bank owned or controlled. 

#1 covers what could be a normal market in your area, or things out of your control - a bad recession, neighborhood disruption (construction, crime spree, etc) - without any money out of your pocket. #2 covers a catastrophic issue in or out of your control that makes the entire structure uninhabited/uninhabitable for at least a year. 

Get the information you need and always make sure you are insuring that YOU are the decision maker and YOU have majority control in a partnership.Knowledge is powerful. 

You just need enough practice and you will get them. 

One big qualifying question I would have is, "are you familiar with the local rent control laws?"  

Lots of folks can read a note and tell you if it is standard practice, Realtors, title agents, your accountant probably could, other investors in your area.

Plenty of us spent tens of thousands on college education and learned very little that will ever be practically applicable to building wealth.