If there is training by the sales authority: sheriff, tax assessor, attorney, or tax appraisal district attend that to get better insight. 

Need advice if this is worth looking into.The property has been negotiated at a 20%  discount and 7.6% tax adjusted cap rate. 70% LTV with Freddic Mac loan.

. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.After all that I'm in a range of breaking even or making $200 a month with this as a rental.

Also, keep in mind that there are potential tax benefits related to investing in your primary home.

Tax payer has to be the same.

Can anyone give me some worst case scenarios besides me owing the $ back if it does not close for some reason AND if there is a way to protect myself in the purchase agreement from any worst case scenarios….There is no mortgage or realtors involved- only real estate attorneys.

Turnkey also works for investors that are absentees if their goal is to park money/defer on taxes.

Then, the permits taking longer than expected, the repairs budget going to the roof, getting new GCs, the property taxes increase, using the wrong debt and investing alone.

Tenants can pay what they owe, or they can move out quickly to avoid the eviction.

@Josh Haney I believe the legal/compliance piece is fairly well covered by those who already commented I completely agree that it's important to retain legal counsel to assist with drafting and also loop in an accountant to confirm structure is arranged with tax efficiency in mind.