Quote from @Brian Burke: @Chris Seveney when I started my lending company with two partners our aim was to go from $0 to $2.5M per month. 

Thus, the preREO strategy is to have a court appoint a receiver, which could be a real estate agent or property management company, to repair and rent the property during the foreclosure.

Getting a rental license as an out-of-state investor is doable, but you’ll need to manage inspections and compliance.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I am hoping to learn about managing my own property and how to get tenants. 

I manage almost 400 apartments in Cook County at this point.

I see a conflict of interest in your role as fund manager and principal in the “operating” company.

Sees a lot of off market stuff because he is a property manager as well.The toughest part about investing outside of your locality is finding boots on the ground that you can trust.

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

The managers are non-communicative.