Also, If I learn more about real estate, then I would have some influence in that area; I would have the option to help people in this area...

Whenever dealing with Turn Key properties, absolute due diligence is a must: check out the company through the State, BBB, and references; background check the people you are dealing with; get copies of tenant documentation; perform your own tenant qualification; order a house inspection; get an insurance quote; review area crime reports; speak with area businesses and Chamber of Commerce; review local school district; if you can visit and drive the area, etc.  

They would also check percolation rates as part of that which influence design and tank sizes.  

Hello ALL,I just received my Real Estate License (AGAIN-first one in 2004) in the State of Florida 2 weeks ago but have been performing commercial property inspections for insurance underwriters for over 10 years.  

Yet I see investors doing crazy things like this in real estate.Better in my opinion to take a diversified approach to real estate. 1/3 in wealth preservation strategies without partners like performing notes at 50% LTV (which I have) or tax lien certificates.

We could have just given him a 30-day notice to terminate the lease and finish at that once we knew he was problematic.The fixes required to get the condo in shape were above $200 which is the threshold over which they are required by contract to get my approval and they didn't.Some of the repairs done to the condo were performed poorly and cost a lot.In general, I know I did a bad job of keeping on eye on them but I feel that the way they have been managing my condo was negligent at best.

Make sure you have a Realtor perform a CMA for your friends house before proceeding. 

Don't let them just give you the 2015 numbers as you want to see how its doing now and the best predictor of future performance is its current performance.  

One lesson learned from performing my first eviction on another rental--I let 1 family tie up my entire income stream.

Such areas require a really hands on investor or a really hands on and tough property manager to make them work.The nicer areas may be modest on cash flow and returns but the performance will be consistent without all the drama and an opportunity for appreciation to boot.