Does it look like a modern-ish apartment with breezeways and internal stairs, or is it built like a roadside motel with long walk ways along the front.  

Some say you should have $200,000, but I think $100,000 is fine as long as it's not your entire life savings.

They are all on separate parcels, paid off and occupied by long term tenants.

We have had duplexes with shared water, sewer, and trash billing, as well as shared driveways.The long term tenants act more like owner occupants, planting flowers, etc. and in some cases neighbors think that they are the owners. 

Almost all 4 baggers occur through one or more of the following1- Long term hold riding price appreciation.  

Take your time and don't let FOMO distract you from your long term goals. 20 years from now, it won't matter whether you bought a house this year or next.

Can they prove how long it takes to rent a vacant property?

I think if you are going to keep all three parties involved as owners of the deal long term then you need to separate yourself as a renter and a contractor.

I am interested in learning all I can about Long Term and Short Term Rentals. 

and if the client would prefer, for example, a specific plumber, that's fine as long as they meet our criteria, which 9 times out of 10 they do.