I’ve heard the term, but never cared enough to look into what it was.

It is a cash deal but only 1% EMD (name on check to the seller’s broker) and they are allowing an inspection periodHowever, someone mentioned that I should not use a title company that the owner selected; that didn’t make any sense to me.

There is a day care tenant, and also a consignment store. 

Be careful of those sappy social workers who may try to talk you into keeping these tenants.

A dirty broken down washing machine is a big turnoff for prospective renters and even current renters might think you don't care about them.

But be careful.

That include things like utilities and lawn care. 

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Should I have them provide all the funding and give them half of the deal (upside and liabilities) or should I just offer a good interest rate and take the remaining cash flow and take care of the downside myself? 

Also, @Rachel Liu, people do well investing out-of-state (just be careful), but have you considered an owner-occupied small multifamily for your first deal?