I feel like it would be great to trust a property management company on all of this, but it would be hard not to step in if you could do a better job at screening bad tenants (eg screening HUGE future problems).I initially managed properties myself, but now I delegate that responsibility to my business partner, personal assistant, or a property manager at my brokerage.Most PMs I know will send you an applicant for final approval and you can get on the phone with them and ask them questions

Always invest in your backyard @Dina Mazur - you have a huge home-field advantage I would not give up.

In 2021 we bought the building for $1.5M using private lenders, pushed the occupancy from 50% to 80% occupancy and it appraised for $3.125M, allowing us to pay back the private mortgage.Right now, we are in the predevelopment process of design and piecing together the capital stack for the redevelopment deal, which will be made up of historic tax credit equity, RestoreNY Grant, DRI Grant, etc.

What's more, these contracts were never recorded before or during the foreclosure process, and the homeowner was actually in default on the first mortgage when they entered into these agreements.

There's some mis-information and mis-understanding of AP, the process and it's effect in this thread.

I like the potential of AI to streamline our real estate investment processes.

I am in the process of getting a HELOC on my primary residence at the moment.

I really want to find a reliable and reputable PM to work with during this process. 

Welcome to the community and be ready for a huge amount of information at your finger tips.

That is exactly what traction helps you do that @Chris Seveney pointed out.It doesn't have to be perfect, but just getting something down on paper will be a huge help - at least, that's what I found when I started our Chicago general contracting business.