Just prepare for the worst but do not ASSUME the worst. 

It would be well worth spending a few hundred bucks for a local attorney and CPA to answer these questions and help prepare your docs.

I am not saying don't pursue these types of properties, just be prepared and realize you will need to be a much more hands on manager and should probably do some monthly or quarterly inspections to see whats going on inside.

To what extent does it take to potty prepare a young doggie?.

I am preparing all docs/strategy on my first (on purpose) flip.

@Logan Fast you can always go to a portfolio lender- just be prepared for higher fees and interest.

I don't think I was fully ready and prepared but I knew I would make it work and find a way.

If you’ve budgeted for everything that could possible be wrong and are prepared to evict - sure. 

However, it never hurts to contact your insurance company and prepare them for any potential claims.

With that said, I'm prepared to run my business like a business and not with a emotion.