It seems as if  you never had control of the system, and there were no clear set of expectations.

Make sure to factor in 5-10% vacancy, taxes, insurance, mortgage, repairs & maintenance, lawn care, pest control, management fees, utility costs (goes in your name when vacant), turnover costs, and capex reserves. 

This includes getting comps or an appraisal to verify value, lenders title insurance,  a proper note and mortgage,  and you must be listed as a mortgagee on the borrowers property insurance policy.Our lending criteria in our lending business caps our loans at 65% of the after repair value and we control all rehab funds as we hold them in escrow. 

Further, many (again may not be a majority, just more than another group) have life’s “out of control”; domestic violence, drive by shootings, kids with gang affiliations.  

When investing in New Construction, you are controlling the property for the first, BEST years of a buildings life.  

You can place the home into an LLC that is controlled by both of you after closing for most lenders and come up with terms and an operating agreement post closing. 

Rehab costs on anything more complicated can spiral out of control fast.

You're signing up for an absolute meat grinder of a job with the hope that you can someday stabilize it and build something that could be put on cruise control or sold.As for tactical advice, tap into your network and alumni network.

Remember you don't have to own a property to control it.Good luckPaul

Lawn / Snow / Pest Control -- who's handling?