Basically, they're going to be writing the check every month unless they lose their hands in a ski accident or something.

But it's likely to go a whole lot better if you're neither paying exorbitant interest rates or dealing with partnership issues when the unexpected happens.And even in the end if you don't have quite enough cash for what you want to do, you'll be able to drive a much better bargain if you have most of the needed cash and are knowledgeable about the business in the area.Take your time.

Liability insurance to cover claims or lawsuits resulting from bodily injury/property damage to others caused by an accident on my property2.

This really comes into play if financing is done to manage taxes on the sale, an early payoff can hit the seller for gains unexpected.

Also, was it your intended course to go into real estate or was it an accident?

How will you two come up with the money if something major and unexpected is needed?

>Don't forget to include all closing costs, possible holding costs, and any other sale related expenses that you might need to cover BEFORE you can get it rented.Yes, you are 100% correct on this and it makes the idea of 20% down even less ideal - I would need some money to cover the costs and unexpected expenses, which leads to either more sitting and waiting until I save more money or dropping down the target price even less.

Also, how long has it been on th market, if they accept a below asking price, it's that much more money you have to set aside for those unexpected costs.... just a thought.

I physically moved with my husbands job unexpectedly and I found LV is too difficult to do from afar with all the competition.  

Just be very cautious of your cash flow - you definitely want it to be positive as a buffer against the unexpected.