Cut your losses the first time they miss a payment and start the eviction process.

Do you use any tools or services to automate the process, or is it something you manually handle?

Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc.

Neither do I, thats why i was asking the process :) Any education you have on Sub To?

. :)We definitely want to invest in true vacation rentals as well but this will be a good learning process with not as much risk to start.  

For example, with our private investors, we always ensure that deals are secured by real assets and provide full transparency throughout the process.

Now it sounds like they have gone into ICU and we have to wait to hear from their estate attorney to find out who can sign, POA, or what the process is going to be going forward. 

Quote from @Michell Chase Chase: I registered my LLC in Wyoming and was not told anything to that nature..but my investment property is in NY so I also have to register my WY LLC as a foreign entity LLC in NY as I will be generating income in that state...

Im doing it more for the love of learning the process and to make a side income.  

The seller is out of state and even visited the project a few times to check on the progress which I think helped him feel good about the whole deal as well. technology made the whole process a lot easier in the interim.