Preparation is key, and relationships are everything.When closing a property deal, the funds typically required include a purchase deposit, which is refundable during the due diligence period, and an additional nonrefundable extension deposit.

Finding the right GC, broker/real estate agent, and property manager is key in most deals. 

There are lots of vetting processes and details that need to be addressed before handing over the keys. too late now. 

In that case I write off the lost rent as cost of doing business, but I prefer that to the expense and hassle of an eviction, which typically ends up costing us more and takes longer, even though Milwaukee is still pretty landlord-friendly.I have also done cash for keys, but typically very conditional. 

That is the key difference.

It becomes risky if you buy an investment that won't pay you back in year one so having a strong buy box and knowing your numbers is key!

Also, monitoring contractors/sub contractors and keeping everything on schedule can be very difficult remotely.If you're buying turn key properties out of state is fine and a property management company and a good handyman can resolve most issues you'll run into.

While the RentRedi's loaded with various toggles/buttons and affordable given the all-you-can-eat pricing, the interface is still very elementary and lacking in usability/design, which is often overlooked as a key determinant of whether your team actually adopts and fully leverages powerful management solutions like these.

The key is understanding your comfort level with managing multiple units right out of the gate.. 

Good property management, and more specifically good ownership is key.