This strategy aligns well with the buy-and-hold model.Leverage Local Expertise: Partner with professionals like real estate agents familiar with rental markets and property managers who understand tenant needs.

I think if you are going to keep all three parties involved as owners of the deal long term then you need to separate yourself as a renter and a contractor.

If they are, I would pay them off first.I would invest in a different market(likely bigger market) where you can find reliable contractors or find a PM that will be able to manage the properties.

Real Estate Professional = 750 hours and more time on real estate than anything else.

One key takeaway for future projects is the value of hiring professional painters.

We’d like to continue with this project remotely, but the idea of managing contractors and overseeing a renovation from afar feels a bit daunting.Have any of you undertaken a similar project?

One key takeaway for future projects is the value of hiring professional painters.

Will they "check themselves" from bad behavior when they see a professional company with professional services, legally reviewed lease, etc. managing their day-to-day?

The chart of accounts is structured around the Schedule E, so you simply export it and send to your tax professional.

An experienced property manager should minimize vacancy, increase income, and have connections with contractors and other professionals to manage your property well to maximize your return on investment.To Your Success!