The important part is building a team.

When we signed the lease, I said that I would get someone down into the basement to add washer and dryer hookups ASAP to hookup the stackable washer and dryer I bought for the property.After having a plumber, an electrician, and an HVAC guy come down, I got those installed much later than I was hoping.

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

Would this arrangement run afoul of related party restrictions?

However communication is key from both parties.

With a majority of all things being equal, I selected our PM with weight on that termination clause.Certainly put us at ease that if, for whatever reason, either party is unhappy in the relationship, we can cancel the contract. 

Come to the end of the project 2 days after carpet was installed in the basement we have a ton of rain and the existing waterproofing system fails and floods the basement.

If the units were installed at the same time, younger than 15-20 years and were sized correctly, you are in decent shape. 

@Chadd Brandon For the most part I use my cash and credit to purchase, rehab and carry it for 6 months before I finance to long term debt and get all of my money back.

This a book in itself but owner financing is basically, you're buying a house "on installment" with the seller acting as the bank.Get a real estate license.