I have a few thousand dollars saved up, probably enough for an FHA loan down payment, but nothing near 20% down on most properties.Wait... let me backup and properly introduce myself; this is my first post, after all.

Just make sure you and/or a PM screen them properly.

Have you tried going to your clerk of court’s website and looking for the proper forms?

If moving out of your unit I suggest not doing any showings until it has all been cleared out, touched up, and professionally cleaned as places usually show better when vacant and properly cleaned.

@Matt LawtonThe fundamental issue here is that this doesn't allow for a proper inspection of the property.

Will follow up with a proper custodian.

You definitely want to do your due diligence to make sure your contract is legal and executed properly, but there is nothing inherently wrong with that purchase method.

Then if they were no longer able to pay their bills and close down they could be berated by someone like you for not being properly prepared for the situation.  

I've seen a lot in my profession who work too long and too hard because they never invested properly. 

The key is to be properly capitalized for both the PM and investor.