You could lose control of expenses very quickly if you don't know where each dollar is supposed to go from the beginning.The lump sum he provided sounds more like an estimate and not an actual bid.

I asked them if they knew who controlled the property and they gave me the name of a property management company that hired them to maintain the yard.

I have to come up with some sort of damage control.    

I know many have been successful investing out of their local area but I personally just can't find a comfort level with this...I'm too much of a control freak! 

They carry a 20% redemption rate.But, some of them are pricey and I cannot control the property until a one year redemption periodexpires.  

I've definitely made some money both on the cash flow and appreciation (appreciation was a surprise in most cases).But that being said, the exit strategy is difficult and I can see why people lose money on these ventures.Four pitfalls I see:#1 Lack of control:  Depending on property managers who in most cases do not have your interest in mind.  

I currently live in a rent-controlled apartment (thank goodness) and have a great relationship with my property manager.

Typically wholesalers like their title company as they can control when the closing is and make sure everything is done properly related to wholesale fees etc.

I got a VERA Edge Z-Wave hub to control 5 locks.

BP,I am a part time real estate investor with my full time job being in medical device sales.