I agree with @Matthew Kreitzer: this could potentially be a good business deal and add equity to a unit while establishing a new tenant/business partner relationship to add to my network. 

Hello;I am looking to connect with other investors who are starting out and well establish in owning apartment complexes out of state.

at the begining you have trouble establishing credability. 

Gov Hogan establishing that hulkamania over baltimore.

Where they haven't yet established their exemption, the law in IL allows them to retroactively do so to prevent churches being lost to tax deeds. 

Establish an effective tenant screening method and follow it, keep communications open, use a well written rental agreement, monitor tenant compliance to the rental agreement, and enforce the contract.

Your sale price needs to be near market value, your financing doesn't add value to a property.Consider fixing and flipping if there is room, if not, all you are doing is taking the same problem your seller has, 2 years is a blink of the eye and you won't be getting 10 or 20% equity established without cash in. 

when opening an account for rental properties should you put it in your name or establish a business name with a business license?

Establish a rapport and see where it goes.

You are right this one kind of is a gamble but what can I do now, other than change the decisions that I make in the future.