It is vitally important for a number of reasons.  

What i mean here is to know the essentials such as  where the water shutoff is, where the electric shut off is, where water pumps are and what kind of mechanics you have inside the building.Take note of the model numbers, year of manufacturer of certain vital equipment such as HVAC, water heaters and so on.

Creating a good reputation is vital before I work with investors...WOM travels fast in that community I believe.

Ask if they've done any deals with the buyer, whether the vitals of the deal meet their requirements (and how much cash the buyer would have to contribute).  

If you have ever opened one up, the bacteria are the black tar like substance on the walls of the tank and are the bottom of the 3 liquid layers in the tank.

You can buy and own notes in your own trust, but you could also add a layer of additional protection by creating a trust where the trustee is an LLC. 

Having the indemnification clause in the contract provides some layer of protection, but nothing stops anyone from suing anyone else. 

It's vital to know the ins and outs of owner/tenant regulations BEFORE you buy in a given area, and always do a very thorough credit and character check of every prospective tenant.

Where are you looking to invest.This website will prove to be vital in your education. 

By the way, I am pretty small time compared to many on BP, but so far, all of my properties are conventional loans and I have a very small W2 income, but it has been vital to my growth.