We regularly take over properties from managers who haven’t performed well, and it’s a seamless process when done right.

Or just keep renting and saving in San Diego where we're familiar with the area and the market (which could take awhile, while we are probably 3ish years away from investing in a Midwest market).

Hi @Justin Snead, I would say just make sure wherever you take the pre-licensing class is IDFPR approved. 

Hello All,What app/Managment software have you found success with for taking applications and managing tenants?

As the new owner, you’ll want the lease and your landlord insurance policy to take effect as soon as you take title to the property.Temporary Lease Considerations:While short-term leases can work well, leasing to a seller long-term often leads to complications.

Ask them if they'd mind sharing their experience with you.. if they'd recommend the area or not, and lastly if they could maybe send you a P/L sheet to see their income, expenses etc.You might run into some hosts that aren't responsive or any help, but it just takes a few people to share insight to get a good idea of the market you're dealing with.

Learn what a good one looks like, then take your time to find one.

IRS 590 also explains this.5) When you receive a distribution or otherwise get paid back, never take personal control of the money.

Seller financing, subject-to deals (taking over the seller’s mortgage), or lease options can create terms that work for both parties.

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.