Condos were built by a lot of cheap scumbags who are long gone and people are going to be left holding the bag on these.This guy is pretty good at explaining it:  Yak Motley Florida Condos;t=4s

Good luck, and it’s great that you’ve built such a solid rapport with the seller!

You are looking for issues with the foundation and any other exterior anomalies like giant trees that could be in the sewer line or pressing against the foundation of the house, evidence of buried tanks, where the septic and leach field is, etc.There are plenty more things to focus on as well, but these four are often neglected by newer out-of-state investors relying on an agent or friend as their boots.What else did I miss?

Or any clues on the document that would allow me to spot any major problem, such as foundation, electrical, plumbing etc.?

Hello @Amanda Skipper,While there's no better way to truly get a feel for a market than by being on the ground and exploring the neighborhoods firsthand, I want to assure you that investing remotely is absolutely doable—and many successful investors do just that.In fact, I know several investors who have built substantial portfolios in Memphis, and they’ve never physically visited the city, and they've done so successfully by leveraging local expertise, market data, and a solid support network.

And if they had notion of such, they'd probably setup foundation of an entity as servicer of such, for "just in case" planning right, someone like, oh sayyyy J.P.

One building was a 1920 house remodeled in 2012 and the second building was newly built by a contractor in 2012/2013.

Those skills will be your foundation. 

When purchasing and getting the home ready for rent.. many of the homes in the college towns in our area are built 1900-1930s. 

To minimize risk and build a solid foundation, I'd suggest starting with a single-family home or a 2-4 unit turnkey property.