I would never advise a seller, or consider an offer myself without either a POF or a solid verifiable pre approval from a reputable lending institution, I have been party to 600+ transactions, Ive seen just about everything, and know what closes and what doesnt. 

.#1 – Tenants, Termites, and ToiletsIf you’ve dreamt of becoming a landlord, having tenants, and making improvements, then consider an active investor role.Otherwise, if the title to this bullet point makes you nauseous, you should go the passive route.#2 – TimeActive real estate investments require more time, during the initial acquisition and throughout the project lifecycle, while passive investments only require your time up front, during the research phase.#3 – InvolvementHow hands-on do you want to be?

Who do you consider an expert on section 8 in Minneapolis?

Some won't consider an offer before an auction.

If you are seriously considering paying someone $9,000 to teach you how to buy real estate then you may as well consider an opportunity a Nigerian banker can offer you from Craigslist.

You may want to even consider an income property as your first investment (that's what BP is all about after all).Best of luck!

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

Also consider an alarm to sound when the sump pump is not working. 

If this is something you're not really interested in getting good at and your ROI requirements are modest, you may want to consider an REIT (Real Estate Investment Trust) or syndication.Bottom line: I'm sure you had a simpler answer in mind, but it's just not that simple.

@David Boroughes hi David did you ever consider an LLC as well or do you recommend just having an umbrella policy?