are there any technicalities I should be aware of?

(ie 50/50+ splits over certain hurdles) Thanks Mark, I would agree that these are very important details that can't be overlooked in regards to structural risk. 

@Juan Rubio ask the owner for details of the lease term.

Some details-LLC will have same members, loan will be paid off.I briefly talked with a CPA and he suggested that we sell the property to a new LLC. done.Is it going to be that simple?

One other detail I thought of.

My downpayment cold be as high as $92500, so technically will cash flow although Cap rate max 6-7% is anemic.

Some owners will want to know about every maintenance item that comes up as it does, some are OK with seeing it on monthly reports, some owners, typically long-term clients, trust your judgment and may only ask for details about this or that if the item is unexpected or unusual.- Yes- Quarterly would be slow; most PMs send these each month.- How you pay PM fees and structure, you have some discretion over.

I’m a technical designer in consumer goods.

The reason I went into such great detail about my background and current financial status is that I believe I have lots of potential to hopefully (God willing) become very successful one day.

Strangely, maybe 50% of them call.Most escrow or title companies have a simple demand form you can request and fill out detailing the payoff.