@Jingwen DunfordAs a commercial broker, my job is to ensure that my client recieves deliverable offers.

.- I suggest re-examining the cap rate to ensure that the NOI is based on lot rents only.  

All of the things you mentioned are better mitigated by purchasing umbrella insurance, which is a far more important step to take in ensuring personal protection.In terms of buying the newest condo in an LLC, buying a property in an LLC makes getting a loan on the property orders more difficult.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

We were able to add value to the property by not over paying.Using sweat equity to learn and ensure costs were controlled.Targeting the renovations to what would attract good tenants and appeal to the family decision maker when deciding to rent from you.

We bought the property without over paying which ensured we had equity in the property from the start.

It's better to pay a bit up front to ensure you are protected.This isn't legal advice, just my opinion as a real estate investor.

@Mohammad Alsolaiman if the numbers work for you I would recommend you do a full inspection of the property to ensure it’s condition.

He can collect it from the partner on the back-end, but this ensures that you have only accepted money from the person on the lease.2.

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.