At the risk of overgeneralizing, I will put them into categories:1 - The close to home folks - For many this purchase is large and perhaps a bit scary. 

Give The Ultimate Guide to Grading Cleveland Neighborhoods a read to see which neighborhoods fit your appetite for risk. 

It's also important to know when you face the risk of a lawsuit.

Angel investors might be interested, but you'll likely have to give up a portion of the ownership or future profits, and there could be potential complications in managing the investor's expectations and involvement.

I have a very low risk tolerance for stock and many other market driven vehicles. 

Risk of being the 1, right?

He determined the price and terms for the property, and according to the agents involved, he consulted with accountants and attorneys before signing the contract.

Talk to an attorney to access your risk. 

This issue, if caught early, is probably fixable with out insurance involvement because the deductible might be more than the repair cost.  

@Geoff Engel If you don't want to be a landlord but still want to be involved with investing you could be a private money lender for flips or in partnerships and bring the money to the deal.