Florida also does not require a written lease, which can sometimes create problems when disputes arise.

This is where additional questions arise: Being that I’m not a licensed real estate agent, what to you tell potential sellers and buyers what you do or what your roll is, particularly if they want to know… “well, how are you getting paid and you’re not an real estate agent?”

Liability insurance on your home just covers liability primarily arising from the home, but it also covers other areas as well.

I've done "opens" for some of my very popular rental units and would take into account chronological order of applicants. 

Simple fixes; get rid of the shrubs, add shutters, some flowering plants, some kind of decoration over the garage door - those big stars seem to be popular in suburban areas, one or two patio chairs and a small table on the porch, simple stuff like that can make a big difference.

I have enough cash to make repairs should the need arise, but not enough for a down payment on some of the larger units I am looking at.

I am not looking for a legal battle and would walk away from one if it should arise, as there is not enough to do battle over. 

If differences arise between you that cannot be resolved profitably for both parties unwinding this arrangement should be much easier than dissolving a partnership.

It is a small resort property (3 cabins and a retail component) in a very popular vacation destination in my home State, Minnesota.  

When you have a truck and friends/family are moving you suddenly are very popular!