Real estate is by nature a very local business.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Gas (natural or propane)I pay $100 a month for liability insurance.

I plan on investing mainly for the hands-off nature of it.

Both of these may impact your DTI.One of the difficulties in holding properties for a long time is that equity builds up (either naturally or by forcing with renovation), and I need to sell or refinance to get the equity. 

I'm more interested in the legal transfer of the money and tax implications thanI am the nature of the agreement.

If there's only a few comps you're using, there's naturally going to be a lot of error in your valuation model, so you're at greater risk of buying a home that really isn't going to net you much of anything. 

lolDo you find that the static nature of that market makes it pretty stable during downturns?

That will locate and document the nature of the problem, as well as letting you know how deep it is.

Definitely looking for more turn key because the nature of the money is due to medical reasons.