When you buy a condo/townhouse, do you own the surrounding land that the property sits in top of (like the front yard), or do you just own the physical property itself?

Inspections will include not just a physical inspection of the property, but also engineering assessments; environmental assessments; zoning and permit inspections; leases and service contracts and finances (3-5 years, preferable prepared by an accountant).   

If the numbers make sense and I make an offer and it goes into contract, at what stage do title, document and physical inspection take place?

its none of your business how your tenants live as long as they abide by the lease (an d you dont see any indication of illegal activity ie physical abuse etc) . 

These folks will be responsible for protecting your asset physically and financially so taking your time to deep-dive into some research before making any moves will increase your chances of success when you're out-of-state - it is not impossible!

(aside from conditioning and the physical and mental health benefits)TO WIN!

All you really need is one contingency: physical inspection. 30 day close. 1-3% deposit.

The key is your boots on the ground if you're not going to physically be here at all.

I'd assume the best way to obtain this information is to physically see the property and to inquire with landlord, but what would be some indicators and measures to consider when analyzing on the surface? 

My question is, should I continue to look at properties (numbers/physically) while I am actively submitting offers?