I would do more investigation into the place, maybe ask for a second opinion from another agent.

I know I'll have to really investigate the property to minimize my risk - so I may not be buying quite as many houses as the person who might be buying and wholesaling.

My two cents: based on what I've seen/encountered, you may want to investigate to see (1) how long they have been in business, (2) how many other properties they manage for out of town investors, and (3) if they are licensed and/or certified.

If you have a REALTOR you used to purchase-ask them for a handyman that would do repairs for you that is honest & good, and contract your own repairs out-also BY LAW-AND THE CONTRACT-they can only do repairs above the limitation if it is an emergency, such as to damage the property or if it is a necessity to the tenants-ie; water/plumbing, a/c & heating, things like that-Maintenance is not a neccesity-I would threaten to do a dateline investigation on them-I think all PM's deserve it-and that might work too!

Risk level: There’s going to be risk with any investment, but I believe risks should be investigated thoroughly and managed properly.

I am in the investigating phase.Thanks for the warm welcome!

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As far as a complete DD checklist thread, i have not seen any such thing, yet :)For a private residence, i would do some basic things, these will lead to other things for you to investigate.

I bet if you investigate, you'll find something less-than-natural happened here.