The problem normally starts with bad leadership and abdicating the role of ceo and replaced with hope and pray they do their job. 

But this money is more risky to the bank (so a higher rate is normal), and they have a limited supply...so they need it back sooner (so shorter terms).

Property Manager follows their normal collection protocols to attempt to collect the rent.Day 15.Property Manager sends out your monthly report.

It is very expensive, long term gain is a complete gamble. 

The time and energy that goes into r/e investing makes it difficult for at least me to go gambling. 

Hey @Charles Gamble, welcome to BiggerPockets!

Normally people who are going out of state are from California, Oregon, and Washington and they want to invest somewhere cheaper.

They expect full payment for the property at close but you normally also have to send earnest money.

Between the pet damage and the lost rent $1000/mo), I lost money (vs normal) even after getting her to forfeit her security deposit ($1300) and settle out of court in a 3 month payment plan for like $1200.Call them or meet with them and have a conversation about their strategy going forward to pay on time.

I normally recommend to my clients here in Illinois that they not do these types of conversions.