For it to work for both parties you will have to do a little more hand holding and one on  one involvement than you would for a normal rental.  

The hard part is finding the great deals and negotiating the price.  

Mesquite is strict on code enforcement not allowing more than 4 unrelated parties to rent the same unit. 

@Alexander F PollockYou may lose a tax benefit of a stepped up basis for capital gains purposes transerring interest away from her parents.Also consider conducting a judgment searches on all parties to the transaction to confirm there will be no title problems for would come up when the LLC sells in the future because you will not have title insurance to cover prior owner issues.

The area has a lot of rentals so getting one should be pretty easy as is a handy person to handle quick repairs.IMHO the toughest part is done.

One thing you might want to consider is partnering with microsoft and adding a third party app to their office 365 suite of products as they have an accounting arm and many other applications already in play that you could add on just for property management and it would work on their system to integrate everything.

I've never needed to do it and Florida may be different, but one party opens the escrow account, terms are agreed upon by both parties, funds are deposited, and escrows sends you the agreed upon amount every month. 

Another big part is just to officially have a business entity to help separate personal and business finances in an official manner.We will do a quit claim deed in the future to transfer the title into the LLC. 

I remember last year I hosted a birthday party and he knew about half the guests just because he did work for them. 3.

It's not just about the numbers – it's about creating win-win scenarios where both parties can sleep well at night.3 principles I've learned after 4 years in real estate investing:1) Transparency builds trust.