When a situation like this arises I try to make the best of it and find ways to exact my revenge.If she is S8 you hope for the best since there is absolutely no way to collect for any damages.

Find the property, manage the rehab, deal with any and all headaches that will definitely arise.

Mainly buy and hold, but the option of flips could arise in the future.

We want to ensure we are all covered for any types of situations that could arise.

The good news is that I can always utilize a HELOC to leverage the property if another opportunity arises. 

Seems that one would want it readily available when the need arises, but also put the money to work as well. 

Landlord insurance in each properties as well as an umbrella insurance can take care of majority of the issues. if it arises. 

The liability part will cover you if there is any liability claim that arises related to the property. 

But if you have numbers you want to hit on rental properties, and you are in a rising market, those targets will get harder to hit.

I am looking for feedback regarding issues that may arise from a deal like this and any suggestions to help it work as intended.Thanks!