They are that you have the ability to purchase their property so what that means is proof of funds, whether bank letter or liquid funds, and experience to handle the transaction in a seamless manner without hiccups.

And I am priced VERY low compared to other rentals since the renter is a family friend and handles most repairs, etc.Like most areas (if not ALL) the market is CRAZY!

In some states the lease automatically ends with the death of a tenant, but in others it continues and the estate is liable for the rent.If the lease terminated, contact whoever is handling the estate and arrange the removal of the items.

Just have to know how to handle the HOA's. 

How are you handling on-site tasks, have you hired someone to stop by once a week or so?

To approve, clean, handle issues or even fix the tv remote.

I know managers who handle multi family but it all depends on the door count you are looking at.

Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.Okay, so once you have your SEV, you then have to research your Taxable Value.

Just know handling 3 separate rooms on AirBnB will be a handful... and you're not likely to get a ton per night since there's not a huge driving force for demand here in Dallas. 

Since you had to ask your question, you are not ready or qualified to invest other people's money and before you do you need to have a conscience and be aware that you are putting other people's money at a high risk if you don't have what it takes to find the right property, have the ability to manage tenants, have the ability to do the math, keep the property in good condition, have a good handle on how to do clean recordkeeping, how do accurate bookkeeping, send your investors reports, how the taxes work for every party, how to deal with contractors and maintenance, how to evict tenants and get new tenants quickly and the list is much longer.