It's a good idea to have it set in stone what your procedures are on non payment of rent. 

The legal definition of Fair Market Value under California law is found in the Code of Civil Procedure, Section 1263.320, as follows:"The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.

---So, ask about their standard operating procedures and make sure your management contract has an easy termination clause.What are your options if you experience one of the above?

I don't have the time or procedures in place to manage residential rental, which is why I have a PM for my eight unit building down I-35 in San Antonio. 

I think I will stick with established application and agreement forms and procedures.  

If this is a condo, did you check with the HOA what is procedures are.

Rightfully named "Americas finest city".

It is a really awesome city and some say America's finest :) Many start ups are locating there and usually for a host of good reasons.

They cannot keep the owner out of the property when proper procedure has been followed.

Ask for the loan payoff protocol (payoff procedure form/document... or something like that) which should provide timelines, amounts, etc.