The in law suite is fully functional as a stand alone unit (kitchen, bedroom, living room, bathroom) and is separated from the unit 1 by an interior door that locks and has its own exterior entry.

With so many parties involved in a real estate transaction, the waiting is the hardest part.

BD Lending is based in Chicago, I believe, but we do everything over the phone and email.I don't work for them or stand to gain anything by making this recommendation - they just came through for me where no other lenders did.

Assignment contract can be done either with a WB40 or your own piece of paper so long as all parties sign.

Also, if that private party is putting up the cash should they have their name on the deed as well?

I have found success investing OOS with a full TK operation (rehabbed, 3rd party inspected, and a tenant placed with in-house management).

Any other condition that stands out?

On the one hand, no one is getting through if they are not on the list, so no parties etc.

Mostly renting it out to schools/leagues/teams or having birthday parties for now.  

Being so far away 3rd party management is gonna be a must for you.