It could be close to a year before you gain custody of the property and have it producing a cash flow.Redemption periods, foreclosure procedures, advertising, everything is unique to every state.

It is truly important to develop  good office procedures and equipment prior to anyone even buying their first rental home.Once you have your office organized and equipped with the needed office equipment to help you keep track of those purchases, e.g., computer, internet, printer, answering machine or Vonage Phone, Stamps.com, then start house hunting. 

The big difference is that I found this person, provided him with all of our systems, documentation, and processes/procedures, and then trained him to be a PM in this business and he is doing fairly well at it.

They also don't have to deal with costly evictions or tenants causing $10,000 in damage to a home that rents for $800 a month because I have policies and procedures in place to protect them.I agree with Dana Dunford that transparency is key.

Yeah man that is pretty standard procedure.

I can't tell you how many labor hours I've lost out on due to their lack of procedures and quality personnel. 

Other documents: 1) Property Management Handbook, with info on banking procedures, tenant screening, dog breeds, you name it, that I would give to an assistant (if I had one) to run the business. 

Many States have similar procedures, rules and regs but they still differ and if you ever need to recover funds on a loan gone bad you will have to follow the law or you will probably be out of luck.

We have an umbrella policy already that I will extend since we have a long term rental in southwestern Colorado.We plan on managing it ourselves and cleaning it between tenants until we can get a developed procedure and checklist worked out, and find dependable help.

On top of the Vetting process, you have SEC Registration requirements and procedures that need to be followed and an Accounting and Control System would have to be formed just to be able to satisfying reporting requirements.The concept of Team Work is dead on...just the suggested platform/method is simply dead :)/**Your Network = Your Net Worth**