Based on your goals, the amount of time you have to be involved and your risk tolerance, you can pick the strategy that suits it best.

These can be tricky to deal with but at the end of the day, you are offering a win-win situation to all parties involved. 

I wholly agree with the comments provided, be very aware of the risks involved.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Politics will 100% get involved, that'll happen the closer we see some blood dripping versus November.

I posted before I finished, but I was just going to add that I learned quite a lot from Dean and everyone else who was involved with his program as a coach or student in his program.

Leasing Management Program Overview The Leasing Management Program will involve the following activities: • Annual review of all units via the tax assessor database to identify potential "hidden" leasing situations. • Creation and maintenance of a list of all units/owners approved for leasing. • Creation and maintenance of a leasing waiting list for homeowners requesting to lease their units. • Creation and maintenance of a list of tenants' names and contact information. • Inclusion of tenants in the association website with "renter" level access. • Inclusion of tenants in the violation system, including sending notices to them when needed. • Regular monitoring of approved leases to ensure proper actions are taken at the leasing expiration and renewal dates. • Preparation of quarterly reports for the Board of Directors outlining the current status of the leasing program. • Coordination with the Association attorney as needed for enforcement of the leasing provisions. • Assessment and collection of costs for this program from the leased units by the authority of the Community Covenants, Conditions, and Restrictions (CCRs), $150/year.

This can be less adversarial and often less costly than going to court.Given the complexities involved, especially with real estate investments and an LLC, it's advisable to work with professionals who can guide you through the financial, legal, and tax aspects of the division.

The deal involves buying an existing single-family house for $700k that conveys with a vacant lot.

If it's low-income housing, it typically involves higher risk, but if you have good, trustworthy tenants, the hassle of changing locks might not be worthwhile.