Pull your tenant-landlord laws for your area and arm yourself with as much education as you can about being a first time landlord. 

Murphy's law is a real thing.

It all depends on how your agent is able to convey the reason of the contingency and negotiate with the listing agent (As listing agents, they want to mitigate risks for their clients as well).For Condos in the Bay Area, you could be exposed to higher risk because of the new SB326 Balcony Law.

We are using it for quicker reference on all state laws regarding foreclosures and evictionsAlso using it to scan notes and other due diligence packages we have.

This lack of registration can create complications for both lenders and title companies, as they may view the structure as less transparent or reliable.Texas has recently made changes to its series LLC laws to allow for cell registration, which is a step forward in addressing these concerns.

You’d need to check the local laws to see what counts.Tenant Violations: If they’re breaking lease terms—like not paying rent or subletting—you might have grounds to evict.

I probably dont have a good comparison as I only know/invest in my local market.

The tenant in common nature of the ownership would tell me that you would only be related to your mother in laws portion at the most. 

Let me know if you want to know more about choosing an experienced local team or an investment city.

Someone local who has familiarity with this would be your best person to give you the information you requested.