We wouldn't have a mortgage on the property so it will technically already cash flow.

I have access to some capital and a decent base of knowledge/sophistication, but there are just so many places to start and ways to go! 

However, these investors must be "sophisticated" either they themselves or through representation i.e. attorney, financial advisor ect.

(this part gets pretty technical). 

Are there ways to mitigate this risk or protect yourself, or does the technical  "legality" only matter if the unit is unsafe or not properly outfitted?

You may see more renters enter the tenant pool if we see a downturn, which would technically raise rents.

If he’s the only one with mortgage in his name, technically you own nothing and are down $30k2) Make sure you’ve got your operating expenses dialed.

Technically, you could hold the vacating tenant accountable for whatever the lease and law allows.

If you are just wanting to learn some of the basics, but you don't want to really throw a hammer...perhaps there is a local technical college where you can take construction classes. 

Banks underwrite based on ratios, but their are a lot of sophisticated tweaks to make sure are in place with your original mortgage to ensure you're flexible & in the best position to continue to buy property.Would be happy to discuss further over DM.