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This type of investing doesn't take much of your time away from whatever you enjoy doing and will allow you to invest in various real estate asset classes nationwide. 

Congratulate them on their outstanding past projects and invite them to replicate their success on your property. 

If they live in Texas - you have to ride a horse to your appointment.Other than that - local tax differences are relatively minor, and most CPAs who work nationwide are reasonably competent in multi-state issues. 

It's sitting there, on tap for you at your choosing, to deploy these resources into new investments or to pay off/consolidate outstanding debt.

I guess @Scott Smith is not well versed, or any other the other firm nation wide that use them.

@Jason Nelson Your renters are correct there’s an 8% max late fee and it’s actually 8% of the outstanding balance so if they need a partial payment technically not charge them for a late fee based on the full rent only on what is remaining. 

@Joseph Bennett@Greg ScottRegarding taking a 401k loan: You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

In your due diligence, you would/should had viewed any outstanding building permits. 

Important distinction - while a HRL may not report your outstanding liability to the credit bureaus, every time you apply for credit, you have to provide a personal financial statement which lists all your assets and liabilities.