Your attorney or title company takes care of these.

They literally are in another state and don't know and don't care about the asset.

There is really no common area except the backyard, which I'll be taking care of since I enjoy it, and i'll be living there.  

But if you charge money to show up, they'll say "the guy has to nerve to charge just to show up".That's why when my tenant calls about a leak under the sink, I call my plumber, he says I'll take care of it tomorrow morning at 8:00am and it'll be around $100.

The lender doesn’t have to wait for heirs to get their act together and do probate, it’s up to the heirs to get it done, if they care.

Who cares if it takes you a year or two to buy your first property, 10 years from now you'll realize that the process to get to that first property is what set you up for all the ones that came after!

As you found, a rejected application because of your bad referral means you are stuck with the tenant.Eventually though they will only be able to rent to folks who don't screen, and those are usually the worst places who don't care about bullet holes and pests and rodents and code violations.Don't ever stop your eviction process until they are out of the property and you have keys in hand and have assessed all the damages.

But, I like having all of the exterior maintenance taken care of. 

Unless there has been a reported or recalled flood like Houston, N Carolina few cared or discount them.....The real question is how much is the mandatory flood insurance per year with a loan?

Keep in mind allocation of income and distributions must be made prorata according to equity ownership if an S election is made....otherwise you bust the S Corp and revert to C Corp.