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've seen people go down in flames and others navigate the system shrewdly to great returns.

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. 

First off, never underestimate the stupidity of BofA, I had one that was in a trust back when the market tanked and I was going down in flames. 

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 try to use a $150sqft replacement so I don't have to lose my shirt in case the building goes up in flames.