I did ask another vendor I've worked with and they indicated that this is now becoming a requirement to purchase out of state.  

Even people with dozens of properties and decades of experience are still learning and making mistakes.Just the fact that you're asking the questions and looking for advice and support is a good indicator that you'll do great.

One more quick comment - You seem to indicate that the one that has missed rent payments is also there under a lease that expires December 31 (as opposed to the other that is TAW) I would ask for a copy of that lease - there could be a clause in there that automatically renews it for another year, then you would be stuck with that tenant (which may or may not be a bad thing) but then you are not able to raise the rent for an other year and you would only be able to evict for non-payment of rent.

@Jaik WebsterYour profile indicates that you are a realtor/agent. 

Stay up on employment and migration trends as leading indicators affecting that market.  

Congrats @Syed ZafarUp to the closing table you will go through a home inspection which may indicate things to be fixed on the property.

The Gulf Beaches and nearby areas are in high demand and all key indicators are positive year over year.

What you get in terms of future access to support will vary, and while price is not always an indicator of quality, who is going to be able to dedicate resources to you years down the road if you only paid $500 or so?  

Most indicated PA as for my particular situation, my goal would be to limit commercial / business liability affecting personal assets.

Core PCE is the inflation indicator favored by Fed officials, and their stated target is 2.0%.