If you are risk adverse real estate, (especially out of state) is not for you.

If you are risk adverse real estate, (especially out of state) is not for you.

If you are risk adverse real estate, (especially out of state) is not for you.

If it has been there 30 years, there is a form of adverse possession for easements. 

and to understand how they fit together in your toolbox, as none will give you everything (e.g, insurance is required and it will cover you for many situations, but not always; asset protection (LLC) is litigation insurance and complements regular insurance, by minimizing the target and making it unappealing).If you are a new investor, probably you will not have a lot of assets and/or equity to worry about (but even that is relative and subjective to each person tolerance to risk) so I would not worry about that till you pass that risk threshold (in my opinion 100K+ in equity, maybe 50K if you are really risk adverse) and you should be primarily concerned with finding good deals and growing your business first.

What were some difficulties you had on the way to success and how did you overcome them?

If you ask enough questions you will begin to understand the gaps and determine if you can overcome them with monitoring.And your PM would set your criteria rather than you, unless it is pet policy, most likely. 

This implies the $200/month cash flow in unlikely to ever be worth more than the $200.I recommend all investors start local but you seem to be adverse to that so I will go with another one of my common assertions: The only Midwest investing that makes sense for most Coastal So Cal/San Fran RE investors is true MF (5+ units).  

And if anything really happens we both know it will adversely affect their security clearance. 

Based on the information you provide, Landlord may deny your application or may take other adverse actions against you (including, but not limited to, requiring a Co-Signer on the Lease, requiring additional deposits, or raising rent to a higher amount than for another applicant.