This property is listed with a realtor but my license isn’t valid in the state of Indiana (I’m licensed in IL).

I'm not sure the question is as valid today as it was maybe 10-15 years ago because we are now in a global economy...24/7.

backup rents to make payments if a unit is vacant.Multi Con: Water, Sewer & Gas bills carried by the landlord.Single Pro: Higher Rents & longer staying tenants depending on your areaSingle Con: vacancy and holding cost.

I went in on a virtually no-risk, low-buy in deal with him....literally making gas money every month for 6 years, haha....but it's valuable going through the whole process with the assessing the note, going through the title company, considering the legalities, going through all the paperwork.

Double however, big companies have managers that need to think up complicated junk to validate their existence.

Foundation, framing, siding, shingles and water/sewer/gas/electrical mains would all be hired out.

This validates that what they say they're paying is the same thing that the seller is saying they pay.

They run off the propane tanks you see on gas grills. 

Finding a more qualified tenant is a valid legal reason for not picking someone else.

The Quit Claim deed will not grant you valid "title" to the property but it does give you arguable "color of title" -meaning at least some arguable claim to a having a legally recognizable interest in the property.