Specifically, we'd like to understand:Liability Protection: How does each state's legal framework and case law compare in protecting our personal assets from liabilities related to the property?

Nobody's going to a stop you.

Don't you think with the HOA there, it's still easier to manage on your own compared to single-family?

Work directly with on-site Construction Project Manager to insure project construction is per plans and specifications from start to finishProvide supervision of sub-contractors on project siteAssist to ensure construction activities move according to pre-determined scheduleCommunicate effectively with SubcontractorsDaily inspections and presence on project siteIdentify any project design and construction issues and bring to management team.Oversee and report progress of project against project plan scheduleCoordination with Construction Project Manager, all necessary work flow schedules and monitoring of same to insure all deadlines are metInform Management Team of work progress and of all significant matters relating to the projectDevelop strategies to promote efficient and cost-effective work practicesAbility to step into and perform duties on an existing under construction multi-family project.Recommendations will be required.Thank you,Anat

Also you MUST have someone follow the cleaner to do a QC check.  

What is the best way to find and approach people who are not necessarily selling at the moment and make them consider a sale?

You don't have to take my word for it - just go look for available rentals in the Poconos and look at their vacancy rates. 

The renovations are going to be higher end and the house is pretty simple with a detached garage but no closets in the house. 

My intention was to see how this rate compared to the IRR of a SFR investment using several property assumptions and different purchase models.

Because rates are so much higher now and show no signs of going down, it's harder to keep the initial home as a rental.