I'm pretty sure I'll be answering the calls but I'll meet with him tomorrow to go over exact details.He has experience in property management, and I know if well managed, there won't be much turnover.The question is: how can I keep track of what accounts I land him, and how do I prevent him from just deciding to stop paying me the passive income?

You want to prevent problems down the road by having everything in writing.

No matter what you do you can't prevent someone from suing you.You should sit down with a competent attorney in your area and share with then the details of your situation and what you are trying to accomplish.I agree with you on hard money lenders, it is called 'hard' money for a reason.

That second concern is well-being of your unit; should temperature in that unit get too cold, risk of pipes freezing becomes a concern.So if tenant stays elsewhere and is OK with that, you still have to prevent pipe freezing somehow.

One way I use it to help plan preventive maintenance as well as preventive replacement.

It would likely prevent selling to anyone but an investor in the future, though.In the event of a flood, I'd build up enough cash reserves from the property to either repair or demolish.

I am willing to work hard, learn and grow slowly and steadily to prevent big mistakes and loosing money.

I am really hoping to do a lot of preventative maintenance in my rehab, so hopefully the costs won't inch up too much but it's definitely a possibility being that the property was built in the 50s.

The HOA fees do not prevent the property from being sold by the seller at any time and have nothing to do with the foreclosure.I do not understand why you have only one day to resolve this situation.

(BTW RESPA DOES NOT PREVENT THIS!)