This is a common practice in SRF.

I've read a bit and it seems to be working fairly well for many investors in BP.Can anyone who have used it tell me if this is a practical idea for a distant property?

For a number of good reasons (at least from my perspective), I ended that practice and renewed all leases where the tenants paid instead.

My goal is to get members to be active participants and make this group as practical and dynamic as possible.

I never thought I could have this much fun and simultaneously work this hard. 

@Tony Gunter  yes frustrating.. part of it I totally blame on the absolute rampant practice of the wholesale community there tying up MLS properties and flipping those like they were off market true wholesale deals.. the apprasiser are not dumb...

I'm just starting out so I'm trying to learn best practices.

In my view, this demonstrates that they take their obligations and due-diligence very seriously and that such good-business practices most likely extend to all corners of their operations.Don't forget people that these RECF firms essentially serve as de-facto custodians of your hard-earned investment and (in some cases)  retirement funds.  

Hello BP,I am looking at a number of distressed properties to potentially purchase and rehab, and am wondering what is the accepted practice for getting bids on the property, as far as what point in the process do you get a contractor out to the site to provide a bid?  

I would leave structure, personally, and let it wear out until its time to replace.In practice, though, I tend to leave most stuff intact and just take the call when it breaks.