Just trying to get a better understanding of the type of policy/agreements I need to cover all bases. 

Typically less than 1.1%, but I use 1.2% to be safe in my pro formas. 

unless you get Agency Financing (fannie, Freddy), your loan will typically be 5 yr, at which point you will need to refi. 

She doesn't not actually have the money to cover the cost but waiting for the proceeds of the sale to pay for the repairs.

However, in the purchase contract, we agreed that the seller would “rent” the property from me for the next 5 years covering basically everything except P&I. 

So, remote investing works, if you have a good local investment team.And, working with an investment team typically does not cost more than other realtors.

With a $100K, 33% down, mortgage instead of a $180K mortgage, 20% down, I manage to snag a property where the rent of 2 units covered the mortgage and taxes, and I house hacked for free.

I come across and have bought several early 1900's homes which typically have plaster walls - sometimes not in great shape. 

You only need 5% down which covers 2-4 Unit multifamily properties.

Pay all cashThose would be the lowest risk, not saying it’s best options but lowest risk as leverage is the biggest risk typically in any real estate investor followed by buying a property site unseen and in an awful area where they try and self manage