We work very well together and everything has been going smoothly.

Ideally you've of already visited the areas you're targeting so you have a sense of the vibe of who's renting, what they need/want, where they go, where they work.Now let's pretend everything went smooth, you're either going to work with realtor to get it rented or a PM.

The process if different that regular transactions and experience is needed to ensure the transaction goes smoothly 

You need to have systems in place to handle it well and make it a smooth routine.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

My experience, independent agents write cheaper better auto polices, direct writers/ captive agents, cheaper better fire insurance.

It's been such a smooth and transparent process to me.  

Also, if there is mild damage get some concrete patch - it's relatively easy to use but better to pay someone to smooth out if not expensive. 

To answer about the insurance question the answer is no because you will be sending them an accord form binder showing coverage as follows:named insured line:   the existing owners name - ATIMAline right below that: your entity name ATIMA  "As their interests may appear"  again, you need an insurance person who understands sub-to's to make sure thing go smoothly.

Good luck and I hope it goes smoothly for you.