Thomas, we don't have deep pockets for deposits on homes.

@Alex Ko - it's a deep rabbit hole.

We're about 450 doors deep in Indy. 

One's tolerance--and desire--to navigate some of these issues stands to vary greatly based on whether it's a true labor of love or something you hope to hire out free of worries.With the cabin--before diving too deep into financial calculations--it would be good to get a clear assessment of its condition.

Seems to me that the deep pocketed Californian would be better off hard money lending than personally OOS investing in rental properties.

It is up to us to dig in deep, ask them the hard questions and learn everything we can about them BEFORE entering into a contract with them.

I am looking to learn as much as I can before jumping off into the deep end. 

I am in the camp that it most likely will not be as deep as the last time.It is good to follow real estate foreclosure filings as an indicator of what is to come. 

Keep in mimd that a lease option will relieve you of maintenance, Capex(to a certain point.

I know this could be a foreign concept to most west coast landlords but out in the mid west deep south its quite common to have the deposit just a non refundable fee .. the tenant already knows they are not getting it back so many landlords just take it up front and tenants just move.. now this is with C class and below generally speaking and for sure most section. 8