Just ensure that the projected rental income comfortably covers the new payments, including the HELOC.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Access roads and if multiple are needed for each unit.City regulations and zoning.Impervious cover requirements or percentage across the whole lot.Drainage per units built. 

If your spouse qualifies for the Real Estate Professional status, then it will cover both of you.

I am considering seller finance or subject to, because the listing is near expiration.

The contract I could find says the following:```...together with the right of ingress and egress at all times for the purpose of mining, drilling and exploring said land for oil, gas and other minerals, and removing the same therefrom.And said above described land being now under an oil and gas lease originally executed in favor of [Oil Company], Chicago and now held by [Oil Company] it is understood and agreed that this sale is made subject to said lease, but covers and includes of all the oil royalty and gas rental or royalty due and to be paid under the terms of said lease.It is agreed and understood that of the money rentals which may be paid to extend the term within which a well may be begun under the term of said lease is to be paid to the said [purchaser], and in the event that the said above described lease for any reason becomes cancelled or forfeited, then and in that event, the lease interest and all future rental on said land, for oil, gas and mineral privileges shall be owned jointly by [owner] and wife and [purchaser] each owning & interest in all oil, gas and other mineral in and upon said land, together with interest in all future rente.This sale is made for and in consideration of the sum of Ten Dollars, cash in hand paid, the receipt of which is hereby acknowledged.To have and to hold the above described property, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said [owner] heirs and assigns forever, and we do hereby bind ourselves, heirs, executors and administrator to warrant and forever defend all and singular the said property unto the said [purchaser] heir and assignee against every person whomsoever lawfully claiming or to claim the same or any part thereof

As I got liability insurance, an umbrella over for $3 million to cover myself overall, I called my insurance agent.

I think your points cover my limited knowledge on this.   

Tenant damage, beyond normal wear and tear, tends to be covered by the deposit.

@Michael Dallasyou're saying you're going to 'assume' the loan, but it's likely not assumable, so are you taking it over subject to?