Also, is there a clause I can add to the lease to protect us from potential bankruptcy?

I have about $62k in available equity I can pull out.

But like crypto can crash real estate was/is not immune from falling either.. we got hammered in 09 to 2011.  

As a local realtor, you can offer market insights while learning from experienced investors about strategies that work in the area.

In CA (my market) the seller is required to make honest disclosure statement and you can collect for material non-disclosure.I suspect you already have learned that you need to check the status of all permits. 

Cost segregation can still be beneficial without a 1031 exchange. 

I have a friend/neighbor that wants to sell me his house below market value so he can move back into an apartment and travel.

STRs can give you more cash-flow but it will be a lot more time consuming and harder to scale even if you have a manager in place.

While the likelihood of being sued may feel small, the consequences of a lawsuit can be severe.

Plus, they can give you the lowdown on the whole process and help you every step of the way.You've got this!