Thorough due diligence, professional communication, and familiarity with local laws are essential for smooth management and positive tenant relationships.Good luck!

Consult with your tax advisor on the requirements so you are compliant with tax laws.

Quote from @Robin Evans: Check your state laws.

You will need to learn about the local laws, advertise, background check applicants, meet them for showings, answer questions, get a good lease, answer the phone at any time, arrange for repairs, do inspections, manage finances, manage an LLC, and more.

All, here's a clip of the law, "requires out-of-town landlords to assign to their rental units local agents who can be reached in the event of health or safety issues related to the units.

And it's not likely to get bad because there are no metropolises here that pass those kinds of laws.

-based, with no local investors, why would raising capital be based on local laws?

I sense a perfect storm coming for mom and pop landlords in the area.  I'm not really surprised that there is political movement around affordable  housing in this area.  It has been tough for lots of people in this a...

Laws are changing. 

This can offer some liability protection and ease the transfer of the property to heirs.Record keeping:Maintain detailed records of all expenses related to the property conversion and ongoing management.Lease agreement:Ensure you have a comprehensive, legally-sound lease agreement tailored to your state's laws.