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.

Well said! 

I started diving back into learning by reading the Real Estate Rookie and was hoping to put myself out there and find some like minded individuals that are in the beginning stages of their investing career as well.

U can ping me I have a friend their in Honolulu that may look at this as well. 

Hello Michael Baum new here and to STR, would you mind sharing with me as well?

Best of luck to both of your daughters as well!

I’ve been in a similar situation where traditional hard money lenders limited deal flow, so I had to get creative.One strategy that worked well for me was leveraging 0% interest business credit lines for 12 months, which allowed me to fund multiple deals at once without relying solely on a lender’s timeline.

You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

Partner with a real estate marketing company out of Las Vegas or Provo, Utah to market, promote and advertise the “mentorship” system consisting of the free seminar, followed by the modest fee weekend workshop, followed by the $15,000 - $40 000 full mentorship program.Here are the usual results1- 99% of “students” never earn back the cost, despite 1000s of wasted hours2- students learn nothing of real estate principles, real estate finance and real estate law which are the necessary foundation blocks of knowledge necessary for a SUSTAINABLE career in real estate investment 3- with hundreds or thousands of “students” unleashed on the real estate selling public they’re AT BEST an annoyance of trying to do “unrealistic” deals, AT WORST lead to a disastrous result for vulnerable homeowners.4 - The career real estate investors, service providers, brokers, lenders, etc are so disgusted with all of it and the outcomes they see that that can’t even comprehend that the subject technique or strategy does have a legitimate use when utilized (1) by and experienced and well capitalized buyer and (2) full disclosure is provided all parties with legal representation.  

@Brandon Pimm my friend and I are in jersey as well looking at Allentown as potential first rental property purchases.