Rural Ozarks MO SFR Rental- Our very 1st Landlording!! Tips?

[Donnie Mac]

My wife recently had to move her Mother to a nursing care facility and we now have the family property we are looking to rent (title already in my wife's name). This is our first venture into landlording, and as a long-time Big-Pockets listener (this is only my 2nd post), we are hoping to use it as a springboard into the start of a long-term investment portfolio. The property is 3/1 SFR located in rural SW, MO (65604). Currently we are not interested in selling the home, or making major improvements (yes the 1 bath is not ideal), but instead renting it as-is and see how it goes. We live out of state (CO), and will be self-managing this property long-distance. Fortunately she has family that lives on the same road as the property and can keep "an eye on it", but will not be involved in any property management needs. We are also working with a local acquaintance who is very active/familiar with the unique market of rural "country" rentals & is helping us with the necessary contract docs., tenant screening, etc.

1.) Any specific tips on long-distance, self-management? We do not see the need for a property management company to deal with the basics, but how do you deal with repairs, evictions, inspections, etc.?

2.) Any suggestions on contract-to-deed? This is an option we have considered for the future, depending on what the rental market dictates.

3.) Income Tax Tips? We are looking to get the property rented before end of calendar year, so we will be reporting the property tax, but also the income from rental. Any big changes here to note, or pay attention to?

We are looking forward to the process and will do our best to document our experience for any other members interested.

Thanks in advance for any feedback, tips, suggestions, or warnings regarding this unique market!