Important things to do to minimize claims of negligence:1. 

DIY Choose your market Use an excellent property manager Choose the right property - depends if it is the right location Talk to local investors to get a feel for the market2.) long distancepartner "boots on the ground" Can bring many challenges with it Go on bigger pockets forums a lot to minimize riskTurnkey Buying an investment that is remodeled with tenant in place and property management company in placeBenefits: service ata distance, market insight, professional staff, marketing machine, managementexperience, simplicity.Downside: financial,analytical, ethicalCh. 7 Types of Rental PropertiesSingle-family homesPros: plentiful, strong exit strategy, involves fewer bills, easy to finance, easier to manage, more stable tenants, better appreciation, less expensive to buy, Cons: high cost per unit, slower to scale, limited loans, expensive rehabs, more competition Multifamily Real estatePros: more cash flow possibilities, one loan and multiple units, one insurance policy, math over emotion, business not a hobby, income valuations - based on ROI they give the owners, less competition from homeowners that jack up the priceCons: More expensive, more management intensive, more savvy competition, more complicated, fewer to choose from, government regulationsCondosShort for condominiums Each unit is individually owned by a person HOA feestownhomesLess apartment feel Usually share a wall with the other unit Still have HOAsREOs/Foreclosures - "real estate owned" Usually something distressed about the property - investors need to see past the superficial flaws Banks are numbers-driven, not emotionalFixer-Uppers - a property that needs significant or minor rehab donePros: less competition, forced appreciation, potentially more cash flow, unique financing optionsCons: hidden expenses, stressful, more out of pocket costsQuestions you should ask yourself: How bad is it?

The questions pertain to how to structure ownership, how to divide income/expenses among family members, how to minimize individual tax burdens, etc.

Yes, all deals are in the Bay Area.Learn to play the game well while learn to minimize your risk.

This is where my questions begin:I am looking at finding a property or two that can be used for MINIMAL cash flow in the first year - obviously both come with a little risk but wanting to put as little down as possible - to have some in reserves if it takes a while to build up or get rent coming in: for your knowledge these units are in the greater Chicago land area.Option 1 - 1 bed 1 bath condo - Investment Property - Listed at 170,000 good shape - needs no work and could be ready for rent right away - currently empty - looking at about $34 down plus closing costs (another 5 or 6K?)

This house is around 700 sq/ft with a sagging roof, 1 interior wall separating this area with the kitchen, minimal floor joists, hardly any electrical and no plumbing.

Key is to minimize them.

I'm looking for a way to help him keep a beautiful home with minimal risk to either of us, but hopefully also make a small return in the process.TLDR version: $1M property value, approx 15-20% equity.

Big box retailers & Well rated companies can still go under, credit ratings can change, areas can change, and sites can even go dark.  

Expenses are minimal (Maybe $3-5k for the year is our estimate).