Traveling to other states isn’t an issue for me. 

I’ve also learned the hard way that good communication with your team and third parties is just as important as organization.

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?

The family purchased a lakefront property in a nice area three years ago but then ran into a series of issues, and have abandoned the place because of them.They are hoping the bank allows a short sale (asking for roughly $20,000 under what is owed)Here's what's made them so unhappy:Anytime they used the laundry it was dumping into a dry well, which would back up into the house forcing them to take their laundry to a laundromat instead!!

Then track the date a maintenance issue was reported, description of the problem, who it was assigned to, when it's estimated to be completed, when it was completed, date/amount paid, etc.It doesn't have to be fancy.

A bad manager can quickly turn a promising investment into a headache.Pro-formas look great on paper, but if the property isn’t managed well—poor tenant screening, long vacancies, maintenance issues, or hidden fees—those projected returns can disappear fast.

@Kyler Tarr it's good you haven't had an issue but you also mentioned your property has some knob & tube.  

They'll expect electronic payment options.8) Understanding your local landlord-tenant laws, so you don't make a mistake or get taken advantage of by tenant.9) How will you handle maintenance issues?

Hitting these targets could be the key to unlocking lasting investment returns.Before diving in, developers need to complete pre-submittal steps, including issuing a "Notice of Intent."

borrower has an issue and cant pay on the first.