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. 

The most important key you want to consider is your boots on the ground.

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!

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

I had a non-performing loan once where a borrower would do a deed in lieu, but there was a deceased co-borrower, and my attorney required me to go through the foreclosure process to clear title.The borrower knows you’re foreclosing and does not contest the foreclosure and “turns over the keys” to the lender.  

She spent countless hours on the phone—with me, the city, contractors, and other key players—to help find the best path forward when she didn't have to.What I Learned:Insurance is your safety net: Always double-check that you have the correct policy for your project type. 

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.

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

Lenders may ask for these when determining the post-renovation value.The After Repair Value (ARV) is key to your refinance.

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