My main concern is I want to make sure I offset any liability in perhaps the slim instance a tenant tries to sue me for potentially slipping and falling themselves or for whatever possible reason really.

Some people just like To live that way- Messy class C of someone who is monitarily challenged.The working poor, that's why you should be judicious in choosing how you outfit the unit.Some will go with, for instance stone countertops (hard to damage), while others will go with formica (cheaper), And others will go with heavy duty paint (quick repairs on a turn) for countertops in a class C.

For instance these are what I call executive properties with many top of the line extras, in a prime location, and they were compared to older out of date homes in areas that are ghetto and gang infested.  

I would not do a lease option as a buyer as others mention, but also if this is written the way you wrote it where its interest only payments and you have $1M debt - it does not matter what its called the courts will look at this in the same instance as a mortgage because of the substantial down payment and their is debt.

According to Linkedin and the profile of one of the individuals Rey Grabato, the company was founded in 2006, NRIA has grown to be one of the nation’s leading specialists in institutional-caliber private real estate investment management with over $1.25B AUM*, focusing on luxury townhome, condominium and multifamily acquisition and development in many supply constrained, high barrier-to-entry markets along the east coast.So what could have investors done in this instance?

For instance, in Virginia I believe it's called a bargain and sale deed.

We typically aim for 15-25% annualized returns for instance, as a mix of cash flow and appreciation.

In Nevada for instance, the state requires a real estate license and a property management permit in order to manage property for others.  

For instance, in Dallas or Houston, there are specific areas that are best to steer clear of.

What you want is doable, outlining your contract agreement in a non-binding LOI with the owner, for instance, referencing what you speak of, rent abatement, TI allowances if needed, due diligence time frame, and general lease terms needed.