Before I hired a fire prevention company to do the checking of the alarms and extinguishers, I once showed up at the house at the agreed-upon time and the door was answered by the tenant's 13-year-old daughter, who was home alone.  

I mean think about it.. you have done something enough, either in a good way or a bad way, that someone wants to record it and air it out to thousands of people.It will either be a glorious success or a amazing failure.

Or does good PM prevent it from happening in the first place?

Not to rough inside but it does need a new roof  and gutters ASAP and Central heat and air installed.  

What are some ways to prevent this risk, besides having several potential private/hm lenders on standby?  

I would work with my attorney to make sure that all the legal paperwork is in place to prevent this deal from getting sideways on me.

I would want to have inside the structure a planned draw paid directly to the contractors and subs with lien releases from each as it went along, helping to prevent mechanics lien issues.I also like the two structures that Bill laid out.

I was an Air Force Munitions Officer and just separated this past summer to pursue real estate investing and some other opportunities, and of course for the family reasons you mentioned.

But I'm lucky in that my town has a large Air Force base and there are always military looking for decent rentals.

This trappage of air doesn't happen under normal living conditions.