Think about a property manager if you want to have a fleet of properties, but I would recommend managing the first one yourself if possible, even so much as to doing the cleaning and turns a few times just to get a rhythm and understanding of what goes into that process.Study rates in your market, undercut others early on in order to get some bookings and positive reviews.

Account Closed, just to give you one clause of the hundreds involved:"You agree:a. not to give, and to ensure any guarantor does not give, any security interest over, or deal with the title of, any secured property without our prior written consent; andb.that we can demand immediate payment of the amount outstanding (or any part of it)and/or cancel your loan amount if (without our prior written consent) there are any security interestsgiven over, whether registered or informal, or dealings lodged on the title of, any secured property.

When my tenants pay me all funds received first pay off any outstanding late fees, then it is applied to the oldest outstanding rent due. 

In addition, are their outstanding capital projects they have been deferring that have the potential to result in a special assessment.

Thanks @Chris Seveney @Joshua AndrewsTurns out this property was just sold at a tax sale a couple weeks earlier when I called to verify outstanding taxes. 

Borrower has outstanding federal tax liens, judgements, code enforcement violations that are not paid, etc.

are they delinquent (which would create a tax liability for you), how much will your insurance be and more importantly are there any outstanding insurance claims/liabilities with the current owner? 

From a business viewpoint, your rent will be backed by your state government, but I can see 6 teens doing serious wear and tear, especially since many kids who have come from the foster system are not always outstanding citizens yet.

I perform the exit walkthru a day or 2 before lease end giving them a chance to rectify outstanding issues.

I would rather see the newbie go to a large OOS city with some tech than go to Imperial County.I can show the historically outstanding return of the San Diego RE.