It's a good time to review markets, but living in China there are a lot of other closer, international markets that could be options as well.

If the project is in Canada then I would look to an attorney that understands international law as it could be more complex.Personally for something along the lines of what you are doing I would look to partner with another developer vs trying to raise the capital as that will be less labor intensive.

Do you run the numbers yourself, do you have an internal CFO, or do you work with a fractional party CFO?

If your property management company is good and has built an internal maintenance team which has set rates and had strong relationship relationships with licensed contractor which should keep costs in control, you should never need to shop contractors on your own I wouldn't think.So in short, our policy is give us your preferred contractors upfront if you have them, but then we work all tickets to resolution including dispatch, and payment of invoices.This is of course for operational expenses.  

However, there is no way to do so without risk.The Internal Revenue Services issues three (3) Private Letter Rulings (PLRs) that allowed the taxpayers to do just this.

Unfortunately, most PMC contracts are pretty vague making it a challenge to get useful information.3) A mix of the two aboveSome PMCs have internal handyman type ServiceTechs for small jobs that they bill hourly for, but get bids for any job requiring a licensed contractor.An owner should understand what type(s) of the above that their PMC uses and discuss as necessary to better understand.THE CHALLENGES OF GETTING 3 BIDSWe wanted to touch on this topic because it seems to be a pain point between PMCs and owners.In theory, it's easy to get multiple bids - you just search online for companies and contact them to get a bid. 

So, yes, you can absolutely have a great rental business as an out of state ( and even international ) investor, as long as you have a solid team that are your boots on the ground. 

Fast forward to today in January 2025:Mayor Johnston of Denver, who has now been in office about 1.5 years, announced that the city had completed a deal with Westside Investment Partners to essentially trade this 155-acre plot in the middle of the city, for a 145-acre plot that the city owned near the Denver International Airport. 

Personally, I follow this standard for every application I receive:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)This process has helped me place quality tenants over the years.

Second Street is an international mortgage lender actively investing in Costa Rica.