Likewise homes in established neighborhoods can have more owner equity and therefore less likely to have foreclosures in the event of a recession.

If you learn the process when you start self managing it, then you know what to expect in the event it happens to you too.  

BiggerPockets has a "Community Events & Local Meet Ups" section on here that is very helpful!

IMPORTANT:--Guest communications, including setting up your automated messages--Price adjustments (key into seasonal pricing and important events in your area)--Listing description and noting amenities--Guest reviews--Learning from experienced hosts with great reviews (you can do this on many social media sites, including the Facebook group, Short Term Rental, Long Term Wealth)UNIMPORTANT:--Watching your Ring Doorbell camera--Obsessing about minute details that other hosts are freaking out about--Being a control freak about ANYTHING related to this business. 

In the event you keep it as a rental, what is his opportunity cost for keeping his equity in your deal for however long you decide to hold it? 

If you are serious about investing in other markets, I would absolutely plan a couple of trips that coincide with local meetups/REIA events for each market. 

Or it can just sell and then the LLC will have a tax consequence.In any event the LLC then has to reconcile itself internally by shifting membership interests or whatever. 

Use internet resources and networking events to make connections with nearby property managers, investors, and real estate brokers.4.

If Tenant shall fail to make any such repair or replacement, Landlord, in Landlord’s sole discretion, may make such repair or replacement, in which event, the cost of such repair or replacement shall be added to and deemed a part of the rent and shall be payable by Tenant to Landlord on demand.

In the event that our management agreement terminates with the tenant remaining in place, I will at that point provide the driver’s licenses/identification card, and a copy of the application the tenant filled out, pay stubs, tenancy verification and move in inspection report, but not the actual credit report.