But that is just me.In any event 550K sounds excessive.

But in the event there is a loss, it is essentially a short sale scenario.  

It is very common to use Docusign or Ziplogix Digital Ink to electronically sign purchase contracts even when they are in town.In a few instances a lender or seller may require "wet ink" but that is becoming pretty rare.

This is a great event to meet other investors and network with a great investor minded realtor, title company, and hard money lender. 

You need the tenants lease to determine what his rights are in the event they pay the rent.

., Sorry to say but you absolutely cannot do that without incurring a significant tax event.  

But is there a proper way to protect against such events?

I am not with Keller Williams but I sponsor a lot of events and agent training's they do at the offices local to me.

Hi @Christopher Gomez, Reading Rich Dad Poor Dad was one of the events that changed my perspective on life as well.

Keep learning and start networking, I've been to a some events out in Orange County and it's amazing being around like minded people!