thanks for the replies, to clarify a bit more, I'm mainly looking for an agent who can be my eyes and ears in the case I'm not able to be there in person to view the property.

But thank God for them bright eyed, passionate, new investors are not rare.

No bank will touch this.Once you find a private lender who I will assume will charge you north of 7% rate, You will need a business lawyer to prepare all paperwork to structure this to make sure that everyone interest is protected.

However, in both associations, if they provided incorrect information that you relied on the purchase the unit, I believe the statute should protect you.As far as the title insurer's denial, title insurance acts retrospectively, that is from the Date of Policy back in time and from the information you provided, as of today your title is as insured and there is no defect or cloud on your title. 

They can draw up the contract the makes sense / protects you. 

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.

This way, you can protect those inherited assets and keep everything organized.

Diversification is the only protection for Black Swan, large scale negative events. but can this happen again, Absolutely.

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.

I've even had the chance to secure cash-out refinances between 6.00-6.50% lately - keep an eye on the 5-year treasury, as 720+ credit and $100k+ properties will be eligible for rates that are about 2.5% over that daily treasury rate.