@Rick HamrickRick, I am not a great fan of HOA's, although they can ensure that general property maintenance is kept up which would probably be a good idea for out of state property.

At the very least you can talk to the banks and say "I have $100k in the bank to mitigate the risk of future loans" and you can say to equity partners "I have this $100k in the bank AND a $100k HELOC that I can use to ensure that this deal goes well."

If you identify more than three (which you would want to do it you go the -plex route to ensure you have options if a deal falls through), you either have to ensure that the value of all the properties you identify does not exceed 200% of the value of your relinquished property OR that you purchase properties equivalent to 95% of the aggregate value of all the properties you identify. 

Or ensure that there is no prepayment penalty and possibly do the deal now and refinance at a lower rate conventionally when able.

This way most things are covered, who is responsible for insurance, marketable title wording, septic inspections, type of financing, items included/excluded, utilities on/off, who owns a propane tank if there is one, gas and mineral rights, certificates of compliance/occupancy blah blahI of course would then ensure my clients interests are preserved with the right checks and a good number of days for contingencies that work in their best interest.

The agent suggested I include it in all my tenancy agmts to ensure tenants "sign off". 

I am about to pull the trigger on my first multi-family cash flowing property.  The property is located in New York State and I am nervous due to the moratorium extension through May 1, 2021.  The seller has verbally ...

Absolutely.Here’s how I managed my time:7:00 am – Meet with subcontractor at property on my way into work9:00 am – ignore call from sub because I’m in a work meeting.10:30 – while others are taking a smoke break, I call the subcontractor and answer questions12:00 – Lunch break – call the next trade subcontractor, arrange an on site meeting after work hours.5:00 – Meet a subcontractor at the property, ensure clarity on scope, discuss any questions.Friday afternoon – write checks to subcontractors.Saturday – Spend 1-1.5 hours at property reviewing work from the week, making a punch list.

Buying right ensuring there is adequate buffers on LTV and cash flow.Taking some profits off the table by refi’ing but keeping LTV under 70%, helping buffer against a possible market downturn.

When local governments have statisticians confirming population growth--and no interest in passing a State Income Tax--then local politicians can be expected to boost property taxes as a way to budget their "great ideas" and other "pet projects" which ensured their elections.