In the NE states, AKA tenant friendly states, I would always have a PM to help protect my interests.

Exceptional Risk Management - Knowing how to structure deals to protect investors first, even at your own expense.3.

A good PM should protect your interests and anticipate potential risks like this.Let me know how it all shakes out!

Urban Development land swaps are often used as a strategy to: - Consolidate public land holdings - Acquire important natural or recreational areas - Facilitate development while ensuring community benefitsLand swaps can provide several benefits to communities: - Preservation of open spaces and environmentally sensitive areas - Creation of new public parks or recreational facilities - Protection of wildlife habitats and corridors - Improved land management efficiencyI searched for some Urban examples for reference: 1.

Leverage the Power of LLCsEstablishing a Limited Liability Company (LLC) for your real estate investments can offer both legal protection and tax benefits.

Not a normal moderator who makes sure that people who post are posting according to the rules, but an advanced moderator that is an authority on all things that he doesn't do himself, and one that can protect the unsuspecting new investor from dangerous partnership structures and people like me, Jonathan, Don and anyone else you may have on your list. 

There are thousands of pages on consumer protection laws and regulations that depending how you go about doing a subject to could be against these laws and regulations. so like most things - is itillegal - it depends.  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Consider forming an LLC for liability protection or an S-Corp for tax efficiency if flipping frequently.This post does not create a CPA-Client relationship.

It seems like I need to check further away from the DMV area.My feelings are if you want “cash flow” you should buy a bond (I really like the tips rate right now) there is next to no reason to buy real estate for cash flow, if you are going to buy you should buy with appreciation in mind, which is not to say that’s the route I’d go, I’ve been liquidating properties to put in stocks and money market funds over the last few years and u just did the math and I’ve come out well ahead, but just to say there are arguments for stocks/bonds, there are arguments for levered appreciation, but the cap rates pretty much anywhere aren’t worth it vs an inflation protected bond, especially since a 3/rd of inflation is real estate anywhere, you could get “cash flow” and inflation protection much easier through a tips.