Just keep in mind that it is not a fixed rate and we are in a rising market. 

We've owned property too far from where we could drive but have found it too difficult when issues arise, as even with decent  property management, problems arise where you need to be there, so we sold those off.  

A broader point, this sounds like the kind of problem that can arise when some type of personal relationship is formed between the tenant and owner.

In a rising market, I personally wouldn't want a 3-year lease - unless it allows for incremental increases in rents during the lease term.

What if problems arise that need MY attention, but I can’t be reached?

But you have to realize that there are always issues that arise in this business and you have to be able to work through them.

Be sure to watch/listen to all of the podcasts, those are an excellent source of information and the BP books are a huge help as well to learn as much as you can to be ready to buy when the opportunity arises.

Is this true, and how can I protect myself from any liability should it arise?

Don't really see why I would need an attorney unless a dispute arises, than expect I could hire one?             

Is that risky from a liability standpoint where I can be personally be liable if a suit arises for any reason?