Dividends give you cash flow but usually very little.With Real Estate, you make money 4 ways:- Appreciation (forced vs natural).

I am being told in a specific instance that copies of leases are not provided to owners because the legal binding agreement is between the property manager and the resident.In this case, I would have zero visibility on the nature of the lease terms, as well as who is responsible for certain costs borne (utilities, etc)If this exclusion to owners is allowed, what is required in terms of document retention in the case of termination of relationship?

Based on the conversation my realtor had with the seller's agent, the family selling the home is humanitarian in nature and would like to "help a family."

@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster. 

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.