If you're investing in real estate out of your home state don't you have, at minimum, a Realtor, Contractor, Property Manager, Lawyer, etc. in the state where you're looking to create a local presence?

I'm a property manager that manages along the Front Range from Fort Collins down to Colorado Springs and everywhere in between.

It was vital that the house be in close proximity to the one who knew how to do the repairs, because of the technology of our current time theoretically Id be able to monitor and track progress with a trust worthy foreman whos on the job, performing repairs, managing subs, and moving the needle.

If you are a general contractor managing the entire project, you need a general contractor’s license, particularly for projects involving permits.Lien WaiverA lien waiver is a legal document signed by your contractor to waive their right to file a lien against your property after they have been paid for their work.

Even if they have cash, the management expectations + distance will usually make it more of a hassle unless you are really buying it for you to use and rent out whenever safely.

Midterm rentals often offer higher returns than long-term rentals, but you'll also have to manage more frequent turnovers and potential vacancies.

Subtract more for AirBnB charges, local management, repairs, cleaning, etc and there is not a lot left to pay the mortgage. 

., funding, management, deal sourcing) based on strengths.Bylaws to Include: Cover profit/loss splits, decision-making processes, buyout clauses, and what happens if the partnership ends.

This will be my first rental property and will be remotely managed.

Your property manager is huge.