I call my banker and if he is not there his assistant handles our needs.. 

We use it for managing our portfolio of SFRs and small multi's and it handles everything accounting wise for the properties so there's no need for quickbooks.You can also run your property management business expenses through Buildium or use Quickbooks if that's easier. 

I’ve already reached out to a few property management companies, and while they would handle most of the responsibilities, they’ve informed me that we’d likely rent the property for $500-$600 less than our mortgage payment.

I was back out there in 6 months replacing them because the gaskets leaked or the handles broke.

Going turnkey is a smart choice given your time constraints, just make sure you have a property management in place to handle the proeprties for you. 

3- If its Taxable to them; Must we issue them a 1099 next year for the $30K also paid to them or HOW would you handle that?

Likely best to have a real estate attorney handle this all for the private lender, unless they have experience or can navigate that process themselves. 

IF you have a recorded mortgage and it was a normal sale handled by a title company and the buyer wanted title insurance then you would have had to be paid off and signed a mortgage release or a reconveyance deed.One way or the other if you want some constructive help you need to clarify what you actually did..

When you only own 1 or 2 you never become proficient with handling them and because you only have a small number there are more ups and DOWNS!

My name’s Shawn Soltani, and I’ve been helping investors from the US, Canada, and Europe find amazing real estate opportunities in the beautiful south of Spain, particularly along the stunning Costa del Sol.Whether it’s for a vacation home or a solid investment, we handle everything from property searches to legal and financial support.