It's definitely important to get as much information out of the listing agent as possible that way you avoid showing places that won't even work. 

I guess it is difficult to avoid the tax man in my case.

Parents did not have income/money to cover property. to avoid foreclosure, my in-laws asked my wife for financial help. the house was refinanced in 2011 by my wife who had the deed transferred to her name at that time. we have been managing this rental remotely since that time.

ISO good to knows and things to avoid n forming an LLC; for example choose manager managed?

Since you have $25,000 liquid cash, your purchase price would need to be $125,000 or less to avoid PMI. 

Do your due diligence but try to avoid analysis paralysis. 

Because I had no way to see the property throughout the year, we had a lot to deal with during turnover that could have been avoided.

Is there a way to avoid it?

Fantastic site and I eople are always willing to help out and share a wealth of information that encourages you to make the move by avoiding analysis paralysis, and of course procrastination.once again you are welcome and best of luck in your quest for a financial rebirth. 

Attempting to negotiate a non-recourse to avoid the personal obligation.