Depending on what her concern is, that may help, and you'd still be ahead.  

@Patrick SoukupI was more referring to Nathan's both but my experience is that evictions for other than non payment of rent are never a guarantee and your lawyer seemed hedge their bet with the "most likely"I envision the mother walking into court with kids in tow and explaining that they are 2 months ahead in the rent and they have no place to go and the kids will have to change schools and on and on

If you want to use hard money you can, but with 55K cash in the bank you're way ahead of a lot of people, and that's more than enough to get started based off my research.

You should be thinking about this well ahead of time to make sure you're aware of these techniques and setting yourself up to take advantage of them.

I did have a head start with several hundred thousand I borrowed against my stock portfolio at really low interest rates.  

So go ahead and check out the resources, especially the free ones on the Education tab above.

I think focus and clarity is critical in moving ahead.  

Home owners insurance would go on the HUD unless you are paying cash or prepay it ahead of time.  

I am just trying to think through any gotchas or any considerations I should be getting ahead of.

I always recommend to refer to a simple guide about turnkey to drill down the secondary and tertiary factors you may want to weight ahead of defining the final destination.