If not, don’t even think of this.No matter what, consult a qualified lending attorney to understand your legal options and ensure you have proper loan documents in place to protect your investment.

Protect from what?

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

Or judge always protect tenant?

I probably won't withdraw it, so the long-term tax savings and asset protections are appealing.Anything I am misunderstanding or not considering?

-Legal Protection: A real estate attorney should draft the seller financing agreement to make sure your interests are protected.Final ThoughtsThis might be a pretty awesome first project if you can work out some sort of low-down, seller-financed deal with sweet terms.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

I feel like a condo would allow me to: 1) Get experience and my foot in the door with little capital.2) Protect me from getting wiped out by an unknown capex expense.3) Potentially house hack.4) Not feel bad about burning money on rent. 

I’m wondering how I can protect myself if they somehow rack up the bills/ abuse the policy. 

An LLC when properly formed and administered provides separation and protection of assets that are outside of the LLC from the actions of the LLC.