Some investors / flippers of very inexpensive vacant land do self-close, where the cost to close with a title company (most often requiring that you purchase title insurance, which comes with a minimum cost just for issuing a policy) approaches or exceeds the monetary value of the land. 

any legal issues I should know about?

Who is typically responsible for obtaining building permits, the property owner or the general contractor?

@Deonte Hill-  thanks ...trust your instinct ....yes - massive red flag . unless you have unlimited cash to  address  unlimited issues - be wary 

Shortly after I was advised by the utility company that there was an issue with my water that is indicating there is a massive leak.

I don't have much issue with this sort of thing.

Make sure there will be no issues renting the home.

It has been a collegiate rental for MANY years, and the current PM that showed it to me yesterday has been in charge of it since 2018 with no gaps in renters.This home is in fantastic shape....new services throughout, no exterior issues, nothing. 

Do you still speak to your coach should you have any issues that may arise with your existing portfolio?

We have properties in 2 states and USAA issued a single policy.