The nice thing about owning a quality note is the should a better opportunity present itself, you should be able to liquidate it rather quickly (partially or in its entirety).Owning long distance rental property is, IMO, a good way to expose yourself to a lot of headache.

However, it is a TOTAL rehab, needs to be gutted and restored IN ENTIRETY.

Hello folks, I am new to this world and trying to understand BRRRR in its entirety.

Whatever is considered separate income goes on one of the returns in its entirety. 

Now if title was held as joint tenants or by entirety it wouldn't go to probate unless both owners passed away at the same time. 

The deposit, which was only 1 months rent at 850, is certainly not enough to cover the repair costs in their entirety.

I became an "accidental" landlord in 2008 (when the economy crashed) with a residential condo in suburban Chicago (which we renovated in its entirety) and am ready to expand my holdings. 

Google:    Tenants in Common,Joint Tenants, Tenants by the Entirety. 

I would be more comfortable with a mortgage I could pay in its entirety without tenants, and having a tenant would just be a nice help on my mortgage (therefore allowing me to put the money I save back towards the property / maintenance).Am I being overly cautious or am I being a smart investor?

So that means regardless of what they charge you, they have to do the entirety of what a full service agent provides.