I do not plan to manage the property myself, but that mentality would be really wise for someone whoo is planning to do that.

But if you can get over that mental hurdle investing out of state is a great method to find a good deal. 

So my previous experiences with this realm of legalities give me the same "figure it out yourself" mentality.  

What is important is that you have all of your finances in order and are prepared (mentally and financially) to invest if that’s what you decide to do.What type of investing are you considering?

If you do this wrong you could get sued and it will cost you much more in time and mental stress...

Around here, that's how it's done.If he is truly alcoholic, I'd be concerned that he was mentally competent when he signed the contracts.

I tend to analyze deals with a value add mentality (within reason of course), if the latter happens it's a bonus. 

I'm a former CPA, so I track every line item in exhaustive detail and had a couple of good lessons learned. 

I don't think that having a hide and seek mentality is the best way to run your business.

A personal Umbrella policy gives an additional limit of liability that kicks in if the Homeowners Liability coverage is exhausted.