You can let the property manager handle any issues that come up.In Orlando, you will need to do your due diligence on property managers.

Or should I handle the paperwork myself, as an investor?

However; should that not be possible, as to packages for such properties, if you buy an unfurnished property, you may be able to hire an interior designer, to handle the furnishing for you.

Massachusetts has extremely strict laws for handling security deposits.

If the bank is smaller in size I would even try to call their corporate office and track down a contact that handles the REO department.  

As a result, the agents are usually handling large quantities of properties just to be able to make a living.  

Can you handle those for a year at least?.

I used to work international contracts on them quite a bit so learned a lot about how you guys need to handle it all, and I still buy turnkeys for myself.

Just make sure you can handle being in business with friends and it doesn't ruin the relationship.

I know real estate is highly regulated and I don't want to end up in trouble for practicing RE without a license, as happened here:  http://www.biggerpockets.com/forums/93/topics/1847...What sort of deal would be reasonable to propose to the real estate agent handling the sale, or to the owner?