If it means hiring local people, (I.e. cleaning, handyman, someone to act on your behalf in an emergency,) then where does that leave you if you’re only in it for a co-lister’s cut?

There are going to be three levels of addressing this 1) things you can simply go there and do anytime (pick up pet waste and throw it away) 2) things you can do given proper notice (enter the unit and inspect, repair damage etc) and 3) things you can only do given proper process/procedure (notice to vacate, increase rent etc.)

Our expertise bridges the gap for these emerging developers and allows them to grow in their capabilities and ambitions.Our goal is to become our partner’s most important partner.

Your first concerns should be your operating procedures and insurance.  

This change improves privacy and minimizes unauthorized access, but it's essential to consider local building codes and regulations, as many jurisdictions require safe egress routes for basement units in case of emergencies.

You are not negotiating the procedure of the transaction.

You could then get a HELOC/LOC on that paid of property (a product that doesn't require you to use it) and then if you did have a big emergency you had a line to use on it.Now, ALL of this is dependent on how much money you have in the bank, how many properties you have, what your income will be like in retirement, what the standard age would be for your end of life (that's a scary one to think about), and while yes, you can certainly take equity out I just think it would be good to sit down with a financial planner...or even some other investors that are local to you that are around your age demographic and see what they are doing.I'm glad you are thinking about this for sure.  

Property management - to be profitable - relies on scalable processes and procedures. 

Are you planning on hiring a property manager or someone who can respond to maintenance emergencies for you? 

Keep in mind how most emergency remediation companies work: The actual damage was probably under 1,000 to repair but they charge 10,000 knowing that your insurance will balk at the $10k and contest that amount, then they will probably end up agreeing to pay 5k so.