:) Think about the first time you had to cook a nice meal.

Courthouse and research the chain of ownership?

In practice I’ve ran properties through the real estate chain but nothing real world so far.

This means that your name or the name of your company will go on the chain of title whether you sell the property the same day (which is typical for a double closing) or 30-60 days or more down the road.

No one is born with knowledge, we all obtain every drop we have, so the question of if a person can is never a question unless there is a physical barrier, like being chained to a wall, because knowledge is ALL obtainable.

@Matt SaidPlease find a good local fire restoration contractor that is NOT a preferred vendor, they (preferred contractor) are not on your side in this, their meal ticket is the insurance company so they like to keep them happy not you. $28k for a full kitchen and clean and paint is low.

LAST thing I would do in your situation is go far afield and invest that kind of money in a market yo don't know and you have no experience.. and maybe real estate rentals is not what you should be looking at.you have a chance to be an equity partner.. or move up the food chain past just owning vanilla rentals..there are note funds that pay 6 to 10% like clock work with very little risk to you.. rentals have riskbut if you are dead set on buying rentals.. just don't buy low value what looks best on paper rentals.. those can kill you buy at the top of the market. with the best tenants and live with lower returns.remember market prices for risk.

Also uncertain how far down the chain can we go before backing out of a deal if we realize it's a bad one (eg inspection, appraisal, etc.).

One other thing about leverage: the higher up the chain you are, the riskier it becomes.

If you were not the one who made a decision, or acted negligently, and you were not part of a chain of negligence then your liability will be removed or reduced.