And then you can use that information to start to develop your own personal due diligence method: Crowdstreet.com, 1031 Crowdfunding, Akr7, Finresi etc.

Then the person is soured on gambling on real estate and not around here to answer questions. 

You want this to be your backup plan if things take longer than anticipated, you do not want to dip into personal credit cards so i would use a heloc to help with down payment but try to keep a nice available balance on a heloc as your insurance policy. 

“ cash flow returns” almost always compare horribly to a simple bank CD after you deduct for insurance, prop taxes< vacancy, capex, prop management (or your personal time.) etc etc etc. 

My lease has a sublet fee (2 weeks is guest by lease more than 2 weeks in a year is sublet) that is costly enough ($100/night per person which is about what a cheaper hotel is here) that makes sure tenants do not have others move-in without informing us.

Some owners expect their PMC to actually be a personal assistant:(How did you set expectations for this client when onboarding them?

I enjoy hearing about peoples’ personal wins and innovative, creative strategies.  

We used $100k of private money and the rest was personal cash.

I've seen landlords live in blissful ignorance for 5-10 years due to dumb luck, then their world comes crashing down and they lose everything.I have a book, there are some in the BP bookstore, or you can check out one of my personal favorites, Every Landlord's Legal Guide by NOLO.

I don't know a single person affected by tornado in Dallas while we have had them and I have seen the destruction.