Trust & transparency are vital to the vacation rental management industry.

The property could be considered ready when it is considered to be "habitable". 

Credit scores alone tell you very little...you need to see what is contributing to that score, and you need to check for Bad Habits in all areas of their life...Court Records, Employment history, prior housing history, online presence, and anything else available.

As others have mentioned, the first and most vital step that can NEVER be skipped is performing your due diligence on the contractor or sub.

I am very happy I called the management companies and feel that they are the people who are in the know and can be a vital asset to what is going on in the community.

I have a bad habit of using both prospect and lead interchangeably when I consider them to be two separate things. 

Having "boots-on-the-ground" in an area that the investor is unfamiliar with is vital to the process. 

Then be sure to give your new tenants all the vital info for you: contact info and address for payment. 

Is this just because it's not accepted practise (ie people aren't in the habit of doing business this way), or because there are obstacles to doing things this way?

Originally posted by "chubs189":yes your right i was talking to my girlfriend after i put the post. and i realized i will need a side income to make this work. i have been doing some research on this site lol about five hours worth on my first night. and i realized in new york a good way to start would be with a section 8 place. and i am also going to buy the section 8 bible asap. i realize this is gonna be hard and take up alot of my time and money. but i feel in the end it will be worth it. i just dont wanna end up like my folks almost 50 nothing in the bank and just barely making it. i want the better life and im willing to bust my butt in this industry trying to make it work. like my friend always said scared money dont make no money lol. appreciate the reply hope to have some success stories in the future to post about.I'm new to this also, but no matter how you do in any business, managing your money with a budget and controlling your consumption habits is most important, when trying to obtain financial freedom.