Best Practices For Managing a Rental Long Distance??

[Joy Mondala]

Hi everyone, I'm currently in the process of relocating from California to Michigan and have decided to rent out my condo instead of selling (for now). Ever since buying it, I've always house-hacked it, living in the master bedroom and renting out the other bedrooms to students or young working professionals. I've always felt I set the expectations and managed the relationships with renters well since I was right there in the unit and could notice right away if something was to go wrong - thankfully because of all the people I interview to find the right fit before accepting a tenant, I've had nothing but great experiences with all the tenants thus far.

Now that i'll be in another state and won't have the easy access and convenience to check on the property frequently (aside from the help of my parents who will be the de facto property manager as they own and manage their own rentals as well), what sorts of best practices can you recommend to help mitigate the risk as I transition from a house-hacker to an out of state investor/property manager?

- I will be revamping my lease paperwork to set the proper expectations regarding background/credit checks and policy regarding late payments. 

- should I put in verbage regarding the option to inspect the property once a quarter? I've spoken to a handful of investors that favor this caveat in their leases.

Thanks for your responses and help with this changing dynamic of my rental. Civilities.

-JM