If a property develops a leak with existing tenants and I did not take possession whom is responsible and what happens if a ton of damage or a tenant vacates in the grace period and I cannot afford the loan without the tenants income then what? 

I'm hoping Bigger Pockets will be an valuable resource for me and help me to grow my business.I am currently studying for a Masters in Real Estate Development.

Gist of the idea is you develop your marketing advertisement (think: car magnet), hire a driver who is already actively driving around (Lyft, Uber, etc), and have someone (or many someones) marketing your company while they drive. 

Unlike my folks, who were VERY hands on, I'm much more of a passive investor, focused on systems and process development.

And this is a developing area with big upside.  

A company may look stunning on paper and by their website, but actually be quite poor at developing and maintaining good tenant relationships.

I've marketed the lots to a couple developers in the area (one on the same street), my buyers list, craigslist, my network. 

My firm raises capital in the form of proprietary private equity for investments and structures joint ventures.We specialize in condo high rises and multi family townhouse developments etcIs this your area of expertise?

I did make an offer on 10 acres of land for a commercial development and got out bid by CA super stores...

While you do that you should develop other sources.