Training my building (tenants)

[Wilton Baker]

I have the opportunity to acquire multi family properties an hour from home. Town is depressed (slowly coming back) has a population of circa 50K and is a working class town. I'm a newbie and the opportunity to buy and hold at a lower price point with good returns is appealing. The properties are in lower income areas and I don't have any relationships in the town. In order to make this profitable I realize that I need to train the property. This is where I need your suggestions.

My questions are:

1. What policies can we post, implement and effectively enforce
2. What are reasonable fines to impose and are they generally enforceable
3. Should I pop up on site for the first 3 - 6 months of ownership
4. Is it reasonable to engage an onsite maintenance/super (offer discounted rent)
5. Is it worth it to manage properties outside a radius of 30 miles from home
6. What is a good operating model