Make sure the the policy is replacement cost and a replacement cost analysis has been done to ensure the house has the appropriate amount of insurance. 2.

It ensures you fully own the property, unlike a assignable contract.

However, this is our first time doing this process so we're looking for wisdom/insight to ensure we're not missing anything.  

It is also a good idea to review your insurance every few years to ensure you continue to get the best rates.

Look at the condo docs to ensure there are no limits on rentals, how it is run and the financials.Pros of a condo include lower property tax than a single family, you don't need to maintain the common areas and there is generally a lower price to entry.Cons if you have a poorly run condo, it can cost you; the condo/HOA fees add up quickly and you can often put that towards mortgage payments and get a single family house, if you have problem tenants, you have problems with neighbours and possible fines.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.

My advice would be to consult an attorney with whatever contract you use to ensure that the language does not prohibit you from assignment.

@Keith Hague Not sure of your experience level so....I would get a 2nd and 3rd opinion on the house to ensure my assumptions are correct.

What would make your life easier or more move things more efficiently?

@Amy Koch I’d ensure the tenants had renters insurance of $100k which is about $10-20 a month.