Unless that deal is a pocket listing or other kind of off-market deal, the property has been exposed to the market so its current value is exactly what you are paying for it, not a penny more.  

This will keep you pretty busy if you're active and engaging folks on BP, but not only will it build your network crazy fast it'll also expose you to a ton of different areas of REI and help you to decide what path you want to take.

If you decide to hire a resident manager (instead of a property manager) you will be exposing your self to more liability and may have more work managing an employee who may not know how to manage an apartment building.

She's supported my real estate efforts but doesn't want to be exposed to risk personally.How can I purchase properties in my name and assets alone and god forbid if I get sued keep her protected?

4) Following this process, what are the biggest hazards I would still be exposed to?

I understand that there is always a risk of being sued, but I do not want to expose multiple properties to one potential lawsuit.

The longer you rent — and at a loss to boot — the longer you expose yourself to vacancies, wear and tear, or (God forbid) an HOA assessment or litigation.

My mother-in-law has a house which we are helping to do some rehabbing and she is planning to rent it out.One of the problems that we noticed, is that the exterior wood stairs (connecting the kitchen and garage) is exposed, so if it's raining, it would be very inconvenient for the tenants.

If it is, you'll have to have the property listed and be exposed to the general open market, which is what your post stated you were trying to avoid in the first place.

I am going to talk to the property manager tonight (as well as discuss the shoddy nature of the repair - just a small piece of wood attached that didn't even cover half of the broken window on the door leaving the house exposed, and had been that way for a week and a half when I saw it).