Do you have an inspection clause with the seller, if not will the seller allow you to conduct an inspection?

You don't conduct business without a broker and every listing agreement you sign it's your broker agreement with your client, not your own agreement.

Obviously conduct as much research and due-diligence prior to contracting and make sure the property cash flows at the very least.

However, nothing takes the place of conducting  bi-annual inspections of the interior of the units and bi-weekly site visits to check for any external maintenance issues.

Even if they dont have a recent phase I, make sure you conduct your own. 

You'd be surprised how many people are time-wasters or window-shoppers who want to look at homes they can't afford or have no real intention of purchasing.  

In RE, it's the subject of the transaction.If there is a shortage of any of those functions, then more of other aspects must be employed.I have no cash, so it takes more labor and entrepreneurship or management, substitute any of those to arrive at a successful conclusion.Credit is not a necessary function, but it sure helps in real estate and finance.Land is always present, you conduct your business someplace and in RE, it's the subject of the deal.You will need to provide labor and management if you have no capital.We can assume you know how to work.That leaves management, that requires an education!

For my market, I've never seen them conduct foreclosure auctions i.e. like auction.com does.But if worried why not just call them up and ask?

Word for word, that is true.Tell them also what Kyle mentioned "any lease over 3 years violates my mortgage agreement"You may not make any agreement that provides an automatic renewal as that is considered a continuous lease, same issue as being longer than 3 years.If it's a rural property, not zoned, and they will be conducting a business activity with a studio, you could do a commercial lease, but I'd want something from the lender giving consent.I've dealt with artsie phartsie's before.

A method used by landlords that want to purchase properties in need of improvements, have the improvements conducted, place a tenant(s) in the property, then refinance using the updated (current) market value and hopefully pull cash out during the refinance.