Following this punch list should help you mitigate your risk quite a bit.Don't buy in the roughest neighborhood in the urban core.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Found an on market deal.Ppty was flooded during Harvey and unoccupied .But the big problem is lawsuits .As per sellers agent Hoa is sueing the seller for not paying the fees( shouldnt it be an HOA lien)First time hearing HOA will sue you .The second law suit is between seller and insurence company bvoz seller was only paid 1600$ as insurence compensation bcoz of the flooding .Insurence company tried mitigation but seller refused.My question is what should i know before submitting an offer.Will the deal close ?

The vacancy rate concerned can be mitigated by providing a great product at a reasonable price.

Everyone of these can be mitigated however.

If he said it was always cosmetic and it's still cosmetic now, just let the cracks settle out for a couple of years (super-cheap bandaids in the meantime) and then get them actually addressed once the foundation stops reacting to the stuff that's been done to it.Foundation repair in Texas is often a scam on the order of mold "mitigation."

Even if there are federally-regulated wetlands, you can sometimes get a mitigation compensation plan approved that allows destruction of some wetlands in exchange for either creating a new one or buying credits from a wetlands bank.   

The owner just sends out his handy man to patch the place.well there is always a number that mitigates risk  right ??    

This is a nice balance to work with just one LLC/account but be able to "sluff it off" to effectively eliminate/mitigate your risk since the entity will/could be dissolved by the time somebody wanted to file suit or something. 

This mitigates any potential delays.