Someone I know owns section 8 properties, he doesn’t have any issues and the rent gets deposited directly to his account.

If not, can my friends wire money directly into my account, and I can use that money to pay for the property?

However, I am wondering if I’m “missing out” by not investing in direct ownership of smaller properties that I have more control over.

your realtor should point you in the direction for a few recommendations for inspectors. there are some free inspections out there so take advantage of those too!

I am skeptical of some buyers and have seen it in the past that will try to talk to the owner directly.

Apply the deposit to cleaning, repairs, and unpaid charges.

UPDATE:Everything went through and the strategy was applied successfully.

yep I'll send you a PM. same thing could be applied to Indy I bet but this is pretty turn key process

What are the best practices in this situation, especially considering any local laws and regulations that might apply?

If you are in a condo building look at Section 718.110(13), Florida Statutes, provides as follows: “An amendment prohibiting unit owners from renting their units or altering the duration of the rental term or specifying or limiting the number of times unit owners are entitled to rent their units during a specified period applies only to unit owners who consent to the amendment and unit owners who acquire title to their units after the effective date of that amendment.”