What all types of residential development have in common is the due diligence and planning process on the front end.

Just wondering what common practice is for most other investors who invest out of their home state. 

If you are looking at investor properties it depends on a bit on the scenario.

@Bob Gruenig it might help if you could clarify what you're trying to accomplish with the LLC strategy.The most simple and common way to invest in a syndication is to put money as an individual.

Probably a dozen more reasons than the 5 most common/important above."

It is increasingly common for a PM to charge a "leasing fee" which covers all the costs of marketing, showing, screening, placing tenant under contract, collecting deposit and rent, setting up utilities, getting the tenant placed, etc.If the PM can't justify the cost, then they shouldn't be charging it.

I have a connection that would be happy to discuss some possible scenarios. 

Another common thing is families coming for graduations since this is a training base.

Should they be made into a small common area that the main unit also has access to?

There's a few other things to think about too: 1 - Possible owner financing if he wants to still get a stream of income into retirement at an attractive rate compared to the rest of the market (win/win scenario, you don't need to come up with as much cash, and he makes a little $ on the %) 2 - Consider a post possession if he needs some time to move out but needs the cash up front for whatever reason 3 - Leave all the furniture/junk in the property and you'll handle clean up etc.