You don't do so at your expense or the vulnerability of the property or investment. 

Turnover is tough enough, turnover and property management change simultaneously is something I, personally, would want to avoid.The easiest way for all to win is to let the PM handle the turnover, find a new tenant, get them in place and then let the PM know you would like to try management on your own.You can then end it on much better terms than when the property is in flux and you are most vulnerable to loss. 

I would feel too vulnerable in the event things went south for the seller and I would have no recourse against them or the property. 

You have to be somewhat careful that you're not buying in an area that's vulnerable to some macro change that kills your value.

The moment you step into speculation, you're vulnerable to lose everything.Opportunities are plentiful, so don't worry about the one that got away.....and finding a good opportunity takes a lot less time than digging yourself out of a bad one.

Two, if the property ever gets sued, the title holders are liable making your equity partner vulnerable.

Newbies need more knowledge and they need to make money, that makes them vulnerable to be recruited, we will teach you to make money kind of thing!

I stumbled across Fayetteville, and reasoned it could be resilient with the assumption of Fort Bragg providing a backstop to the local economy, the main metric being employment.But then COVID happened and I realized a potential vulnerability in my assumption: it doesn't matter if Fort Bragg can provide $$$ to the local economy if the local economy is shut down (maybe is wasn't /isn't).I found this Forbes article that actually lists Fayetteville NC as one of the top places to invest during COVID.

This is when you are most vulnerable.

I personally use the BRRR method and aim to leave as little equity in a property as possible to maximize my returns - but it also leaves me in a little more vulnerable position if the market has a large downturn and I would have to foreclose (assuming I couldnt afford the property and couldnt get it to cash flow).Note - I just did a live-in-flip with 3.5% down.