This concept is now what I base the majority of an interview with a potential hire for my team- in the form of a simple question- What can you teach me about? 

Thats how I took care of it when it happened to me. 

I started my company called T&C Lawn Care.

If occupied, establish a professional relationship with the owner (caution--if listed with another office or agent, be careful not to set on any toes). 

The only ways I would buy out of town is to buy a minimum of 30 units in an apartment complex so you can have enough money to hire a property management company that will take care of the daily stuff. 

When you really get to that, the rest will take care of itself.

It's basically my whole life story if anyone cares to read it. 

There could be other liens that may not be extinguished by the auction so be very careful there.

Insurance payout if there was an accident on the property, umbrella policy would pay beyond what primary insurance didn't pay.Take care of your property and your tenant and it is unlikely that you would be sued.I have heard that people move the deed into an LLC all the time as the property is still secured by the mortgage that you signed.

I'm in the middle of an inspection contingency on a home that would 'just' break even.