Ok at a reiclub meeting I spoke with someone and he brought up the idea of Control without ownership while going to landlords offering them 5 year NO vacancy lease.

Over 6 years as a real estate consultant, I found that how to make money in Real Estate is controlling the deal/property.

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.

The cash flows are represented as static, though, so not particularly accurate.To get more precise, IRR and MIRR.

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.