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Legalities of owning an apartment?

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I'm currently looking to purchase an apartment building. There are 3 units, and what I'm asking is what legalities will I encounter and have to take care of before I put the units up for rent? Is a lease a good idea? Will I need just home owner's insurance, or will I need liability as well? How to determine monthly cost of units? Please help, it would be greatly appreciated. And last one, do you think it's even a good idea, I'm only 23?