Special assessments do.   

Basically for the next 8 years you are silently making 31.6k per year and your money is safe.

A termite inspector/company can help you assess the situation.Otherwise, check your lease for termination conditions and follow them if there isn't really a problem. 

I tend to believe that “emotion” and “risk-assessment” can’t be quantified in a spread sheet, yet they are very much significant factors in every investment decision. 

He's the brains, lead generator, agent, and property manager of the operation (I trust him completely, he's a rock star), I'm basically providing the money. 

At all the sales I have been when they read the conditions, it basically says the buyer is responsible to do a title search.Now what sometimes happen is that the HOA has a lien, but for some reason they do not record that lien, which therefore means they were not notified and their lien is not wiped out.In any event you should consult with an attorney familiar with PA Tax Sales. 

Basically, on several occasions she has taken customer's cards and charged thousands of dollars. 

My recommendation is to educate yourself first on the basic process before jumping into a JV with someone you've never met.

The following are some basic expenses that should be considered (or eliminated if the expense doesn't apply) when evaluating the cost of a buy and hold investment:Licensing FeesUtilities (common areas and vacant units)Association FeesLeasing CostsManagement FeesMaintenanceTaxesInsuranceCapital ExpensesYou also need to take a look at the vacancy rate.

Again, this is just me...I recommend sitting down and assessing the risk and return you're looking for and go from there.