Hiring a lawyer is probably the smart thing to do.

Mentor programs aren't for everyone but I have found the network of investors all over the Country to be super empowering as well as beneficial to my investing.

Get thee to a qualified real estate lawyer.

-If these sorts of deals are doable (preferably in NC, but I'm open to other states as well), are there real estate lawyers specializing in this sort of thing?

Stay in touch with your lawyer and document everything.

I was fitting this into an awkward schedule.The Facebook group was welcoming and fun to lurk and read posts, getting a feel for the community.Contracts in the document library were great – but overwhelming (you’ll see this phrase a lot)This was a main value for me – hiring lawyers to write contracts without knowing potential pitfalls or where I could/could not protect myself was a major concern.These contracts are worth the price of admission and only available w/in community.These contracts cover Joint Ventures (JVs) between parties, Creative Deals and non-creative deals, WRAPs, RVs, Automobiles, Leas Options, Wholesale Assignments, Hybrid docs and more.I haven’t actually gone through all of them yet.Tens of Thousands of dollars have been spent refining these contracts and just having access to this library was worth the price.

I am in talks with an insurance lawyer now, but how can I ensure to have max payout?

On the other hand, pushing through to completion could potentially offer better returns if the legal and construction issues can be resolved in a timely manner.First step is to understand the title situation, and then speak to lawyers and begin the process of getting your funds!

My question is, do you recommend using a lawyer to set up the operating agreement? 

Another advice I have been given is "just be a good landlord" but that doesn't protect me against crazy tenants and ambulance chasing lawyers who would be happy to destroy my life.