Account managers have literally no idea about day-to-day operations and glaze over specific questions asked to delay and confuse owners. 

Also it meets the 50% rule. 30 year mortgage at 7% is a payment of approx 323. 925 rent - 462 (operating expenses)= 462; 462 - 323 (debt service)= 139 cashflow.

You can do this with a simple, one-page addendum, or even a written statement added to the existing lease and signed by you and the tenant.Example:This lease agreement is hereby amended to reflect the change in ownership of the rental property located at 123 Straight Street, Cody, WY 82414.

Usually only commercial properties with established operational expenses histories are evaluated by cap rates and then those cap rates can also be applied to buildings in certain areas representing higher or lower risk areas.

But they are usually very simple to request. 

I'd love to hear from a turnkey operator here about the benefits.

Start small with simple rehab projects like painting or landscaping to boost value without overextending.

There are different ways to structure this (writing them into the business entity and operating agreement, having them do a second trust against the property,  etc.).   

The E-Myth by Michael Gerber- Start and operate your business with the consumer in mind... not you... not your product or service.

I flew out to team build a few times, but now operate a full business that does about 50-60 properties per year with about 1 trip a year just to schmooze.