Kind of reminds me of some of the golf course communities out here where if you bought a lot you had to pay the 100k transfer fee for the membership and 1k a month dues..

Things just require more ongoing expenses percentage wise out of state because you have to pay people to do everything for you and you will have a longer time building relationships with vendors even when getting decent referrals. 

This is a the perfect vehicle to use for short term like buying a  property with cash, then refinancing the property to pay the line of credit back in full, and use it again.   

Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.

@Corby Goade I agree: paying a month for a professional pm to find someone to me is worth not only the time and effort but the cost.

With that being said, I personally know several people who've had tenants that stop paying their rent and try to hang around for as long as possible. 

The only “good news” is you’re paying for last year’s shortage and thsi year’s taxes, or this year’s shortage and next year’s escrow account. 

To pay for this, I used a heloc on my current home.

I'd also never pay $700 for an LLC.

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.