So I’ve read that unbrella insurance providers require you to use them for car and home.

., as Chris noted, the required documentation will be outlined in the LP Agreement you signed.

What’s required for success in this is deep knowledge of real estate in general and the area in particular; experience in real estate and the local laws, etc.; and capital to pay for options, marketing, legal counsel, accounting, tax advise, etc.  

@Ken Almira don't buy a Florida condo w/o checking that they've passed their engineering inspection and their reserves meet the new requirements.

Quote from @Pamela Rivas: Hi Natasha,Here are some key points to consider about setting up a Mexican corporation:Setup Costs: $1,500–$3,000 USDOngoing Costs: $1,000–$2,000 USD/year (accounting and tax filings)Benefits: Tax deductions for expenses like maintenance, repairs, and managementBest for: Multiple properties or income-generating investmentsWhile a corporation is ideal for managing multiple properties, it’s NOT required to obtain an RFC.

While having high standards is important, it's worth considering that many Section 8 tenants might not meet requirements like a 640 credit score or $90,000 in household income.

I agree with Ray—condos, especially with the new reserve requirements and reassessments, are becoming pretty unaffordable.

I have the funds to buy another primary residence in this area but not enough for an investment property that would require 20-25%.

Conventional lending requires tax returns, good FICO and reasonable DTI. 

Keeping the good relationship with her and thus your grandkids is more important that the rest of it so make sure you are prepared to give and sacrifice money if and when it is required and have certain things agreed up and in writing up front.