If there is mismanagement you probably can withhold payments to the HOA until it is straightened out.

The cash-flow is probably not worth the hassle if tenants are hard on the property. 

Unless maybe that is counting people's $1M residences. or average price of homes in Austrialis is probably 1 mil or more. at least in the big cities

So, $3,000 per call multiplied by the total number of calls you have the company place.Furthermore, while most real estate investors don't realize that their calls can be considered "telemarketing" under the TCPA because they think of a telemarketer in a common sense approach versus the legal definition, there would probably be other violations under 47 C.F.R. 64.1200(d) which could add another violation to the mix.

@Wale Lawal probably has a rec for you.

You could break the ice, introduce yourself (unless you go PM), do an inspection, and bring a lease agreement for them to read and hopefully sign.You'll probably increase the rent.

Although I have a high income my assets are not immense and the insurance is protection against future earnings/STR  I will probably buy a primary home in next 5 years but happy for now where I am.  

If his landlord reference for the past five years is good, that would weigh much heavier than his eviction.Based on what you've shared, I think this is a low-risk situation, and I would probably accept them with a deposit equal to one month of rent.

At this point you would be the owner and thus responsible for managing the property yourself or hiring a property manager to get the property rented (if it isn't already).Then after an agreed upon period of time (probably after your collection falls off and your credit score improves), then you can refinance the loan with another lender (like a bank, credit union, or HML) and payoff your family member.Thank you so much for your reply! 

I probably wouldnt trust it 100% with that though unless I input all of the data that I have from my analysis in terms of ARV, rental rates, rehab rates, etc. now that I type it out, that actually would be a good idea aha.