Q has handled it manfully, with gratitude (“it could always be worse”) and attitude.

@Dustin Horner you should be contracting maintenance work and creating a preferred list of vendors as @Phillip Austin has recommended.The first person you hire to help you should be to handle what you LEAST like to do yourself or has the greatest time savings for you!

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Lyons was a family name and I guess my email entry form set up my user name slightly.

I've been looking at NC and GA recently, trying to find some entry level and easy to maintain property, but there are too many areas and it's really hard to narrow down.

Another thing is the insurance is sent to the bank from your insurance provider and the seller should never be needed as long as the documentation has been completed correctly.This is why you must vet the law and title office you are closing with to make sure they know how to handle these transactions. 

The investor buys it—either with a loan or cash—and the turnkey company usually continues managing the property, handling rent collection, maintenance, and turnovers.Where Does the Investor Profit?

Then just handle it yourself with some basic software(Stessa, e.g).

By the time I got to the closing table, instead of me bringing a check, they gave me a check.Fast forward to today, it has more than doubled from appreciation and cash flows a ton, and I was able to get a great property manager in there to handle EVERYTHING.

A good manager will handle tenant communication, security deposit transfers, and ensure a smooth transition for you.Changing managers doesn’t have to be difficult—following the agreement and partnering with a competent new PM will help you get things back on track.