And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

SO why all the legalize right, well because like any good law there is a series of if's, but's and when's. 

I'm certainly cognizant of the risks of managing a property remotely (my wife and I did rent out our Chicagoland house for a couple years while living in STL).

Hey Tony,Well right now I'm back in Toronto.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

I think the house flows really well in person (open floorplan, high ceilings, large house with spacious room sizes) and you just can’t represent that in 2-D photosI’m honestly not sure how to do a video or 3D virtual walk-through or whatever, I haven’t looked into it and have no idea how much it costs.

It’s still flying under the radar for a lot of investors, but the fundamentals are strong.Detroit offers:•Affordable Multifamily Options – You can still pick up 2-4 unit properties at prices well below most major markets, often with strong rent-to-price ratios.

They offer great advice on handling these situations, including tips on dealing with the sheriff and eviction procedure, as well as navigating money judgment collection.In terms of whether you should hire a lawyer or manage it yourself, it depends on the complexity of your specific case and your comfort level with the process.

Well then could we have a example of defeasance, maybe such as a Bob and Ted story?

House hacking is the BEST way to get into real estate investing and that's how I personally got started as well too.