Any homeowner who is in danger of missing a payment (which you could argue as anyone who has a mortgage) is protected.

What are the dangers of leasing an out of state property?

I think this Is quite popular    if not very dangerous for many.. and also you take out all those CC and your fico will fall through the floor so keep that in mind.I can see smaller amounts need for small flip projects etc.

@Omar Khan @Ivan Barratt I agree that IRR chasing is not the holy grail, in fact it's dangerous, but what is chasing the IRR.

This creates a dangerous work condition for installing and to do any maintenance on the unit. 

We both work way too hard, playing tag team in the afternoons with our boys and finally, after bedtime, if we’ve got the energy, we’ll say hey, eat a dangerously late dinner and then fall into bed.

Is there any danger in having someone live there and not formally added them to the lease?

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He may be talking about “taking over” your loans by a sub2 purchase.....dangerous for you since he gets title and the loans are still in your name, and you can’t for foreclose.  

The danger is the rehab may not get done as quickly if you are living there, or you may see that as an advantage to be able to take your time.