I have found, too, that if you are financially equipped and have a good enough deal to use a HML, you usually can do it just as well without the HML.

We used to own warehouses and after we sold the family business had big pieces of equipment we stored for others.

Especially with the Internet and equipped with my trusty BlackBerry (actually, T-mobile MDA now) I'm better connected than most landlords down the street.Most problems can be solved by phone, email, and UPS.In terms of the investing part, I plan a 1-2 week road trip periodically, to spend time in 2-3 cities, meet with the chamber of commerce, talk with local business people and everyone around town, and meet with one or two good realtors.

The personal property involved, room furniture, common area furniture and fixtures, kitchen/dinning area equipment, laundry facilities, pool and sauna......get the picture.....

Then it gets out that you were "stonewalling the fire marshal" and "arguing over safety equipment."

Get their insights about the market & let them know the property type you are looking to buy.Once you have done these things, you will be better equipped to identify a deal and potentially create deal flow from owners and brokers in the market.Best of luck!

I am an entrepreneur with a life science equipment sales business operated out of a home office for the past three years.

A lot can go wrong in real estate (and life in general) and if you have reserves you'll be better equipped to weather the storm.

Usually equipment, but now HVAC & roofs apply as well. 

A few tips and/or things to watch out for:- The general cost for buying out a book of contracts (not a whole business) is ~1 year management fees- Add to the above the cost for any systems/processes/staff/equipment etc...that come with it- One of the biggest challenges is how long clients are going to stay and what are the penalties due you (as the new contract holder) should they leave.