@Mark Johnson, there is a lot going on here and I cannot explain it all quickly so this is the condensed version. 

The TLDR version is be very careful: https://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/

We use the whole suite of docs from Wisconsin Legal Blank - just order a set online or download the pdf version.

@Andrew Giancola I think the biggest issue is that you don't want to come across as next version of the "Nigerian Prince" scam.  

I have enough capitol to buy the property cash, however that would mean me losing out on the fantastic BRRRR strategy and tying up money that I could put into future investments. 2 questions:Is there a version of BRRRR where I could self-finance the buying and renovating, then somehow refinance my money back out of it? 

(This one was something that came up wrong if you searched the address, so I used the map to zoom out and find the two main streets (though this version is for something else so it's more zoomed in) and located the house using this map.)

What we don't know is whether that is just a more severe version of the normal September slow-down or if it's a precursor to a bigger slow-down to come.I personally like the buy and hold thing so I think it's fine to buy now.

You might find the video version of this analysis useful.Hope that helps!

The other nice thing is the locks are available at every big box (Lowes, Home Depot, Menards) and available in many colors and styles, including versions with key pads which may be good for STR.I am not sure on the commons area, that may be a gap.Kwikset also has a landlord version that accepts a master key.

You should consult your local landlord tenant laws to truly understand your rights and obligationsYour best option is to get month to month lease agreements drafted and give them to tenants the day you close, with your local version of 30 or 60 day notice. never give a long term agreement to tenants that you have inherited