Option 1) Have it fixed by a professional.

I would first make sure to run a detail search on property. make sure you're talking to who the owner actually is. second, I check and see how much equity the homeowner has, and if there are any lien on the property. after you gather all that, then you can have an investor friendly agent help you with drafting a contract. so, you can have a contract in hand but also a Lien on the title, to make sure you're getting paid. 

An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

NV is a good state to invest because of the landlord friendly laws and low property taxes.

I'm in Atlanta, GA which gives me fewer options with that budget unless I go with condos with HOA's that allow rentals, or venture out to towns outside of Atlanta like Macon, GA, Athens, Lagrange etc...

Additionally, you always have the option of loading up on a ton of insurance and putting it under your name.

However the tenant is telling me they have personal issue and wants to move out of the lease or asking me options to break the contract. 

I just don't know if I will be happy or feel safe living in some of the homes/neighborhoods that I would be able to afford paying cash for.I've heard opinions for everything from 10 year, 15 year, and the 30 year mortgage options.

I’d struggle to come up with the 3.5-5% down on an fha or other low down options. 

They are now offering a damage protection plan  and  cancellation insurance with an additional optional fee cost to the guest.