First let me say my initial reaction to your title of the post was 'that seems like a weird way of doing it'..... but take that with a grain of salt - I am only one property into what I hope is the first of several if not many more properties.

I have not dealt with this situation personally so take my advice with a grain of salt but I'm an appraiser by trade and I would never go into contract with someone who will not allow other real estate professionals into the property.

Especially in Cook County, I see some ridiculous valuations from the assessor so I'd take their valuation with a grain of salt. 

@Ashok Aletty I am not an attorney, so take this with a grain of salt, but honestly if you are worried about liability an Umbrella Insurance policy is significantly cheaper than the $800 LLC filing fee you will pay each year and you do not need to transfer title, etc.

You have to take every comment with a grain of salt, including mine.  

@Bruce Scannell I'm in NC, so take my words with a grain of salt, but the broker is responsible for the brokerage.  

Doesn't make these "gurus" bad necessarily but I would just take it with a grain of salt as they say.

However, in the case where you are looking to invest so far from where you live, there may be enough value in knowing that the HOA is covering at least some items and is certainly (if worth their salt) keeping an eye on things re the neighborhood.Everybody seems to say that their market is a competitive one...not many people say that their market is extremely uncompetitive and that deals are falling off trees like leaves in Autumn.You can look at the MLD median points for the 32 zip codes in Wake County and learn that Cary's median over the last 12 months for SFH is $271K, Garner (SE Raleigh) is $151,200, and start to realize the probable price points of THs (which will be lower than the SFH). 

I have been marking a 2bd apartment in Salt Lake City for about two weeks.

I would be happy to discuss Memphis in further detail with you and why I moved here from Salt Lake City UT to Memphis to invest in Real Estate.