There will likely be some future related legal events arise out of this and some unknowns are present until such time as concepts are challenged in court.

I would like to obtain a better understanding of how difficult this may be if problems arise.  

It can also start a relationship that may prove useful down the line.All that being said, regardless of whether you and your partner are going to do an all cash deal or choose to get it financed, make sure you have a big margin for error in case things go wrong or unexpected problems arise...because they probably will.

It's done simply to give the attorney the possibility of future business.A phone call to an attorney, short conversation about your business, telling them you'd like to use them in the future as RE matters may arise will probably get you consent to use them as a registered agent.I certainly would not pay some firm to do nothing. :)

This makes it really scary to buy out of state, a lot of my security is that I can manage and take care of any problems that arise.

The policy simply indemnifies you for any loss arising out of title issues that have not been excluded (Section BII is where I go first).I have never had a problem, knock on wood, by not obtaining a policy when doing a double closing.

I am a complete newbie but have a rising interest in REI.

Those questions will arise randomly throughout the day and will often need to be answered before work can continue.

I do believe more deals will arise and come, and would start investing. 

Its beneficial for a number of reasons: if you find someone who has done this before, you have experience; you are now accountable to other people; more minds can come together to solve problems as they arise; bring little to no money to the table.