A great agent can protect you from mistakes and pitfalls, just like a good lender, appraiser, home inspector, and title company. 

First, we need to get where the action is so that we can keep an eye on the area and move quickly when opportunities present themselves. 

Is there a way you can personally guarantee the mortgage and hold the property in its own LLC for asset protection purposes?

So my question is how can I protect myself if I do take charge of the apartment in the back.

. (-: I do know from a background in law enforcement that you can't just throw out a charge of harassment--you have to take some legal steps (such as a protective order or restraining order). 

Maybe this is being over cautious however I like to have things in place so if and when something happens my property is protected. 

So I wonder if id be able to get a tenant interested in paying that much for that’s many rooms. 2) I will be living in a unit so will be in close proximity and should be able to keep a close eye on them. 3) i don’t think The college students will be as critical on the looks of the property when I rent it out.Thanks everyone for the input!

The property is for sale by owner and recently taken off market due to many people low balling him and not seeing eye-to-eye on the price.

Asset protection,Reside in CA, and read about RE investors having the option to start a LLC in NV that's within a trust and also purchase an umbrella personal liability insurance policy (upwards of a $1m - 2m+), to give aspiring RE Investor the proper business structure, security and protection in case of the inevitable lawsuit and/or other costs of doing business. 

I know nothing about the contracts needed though as far as protecting myself and being able to assign it over.