We got 4 properties out of 300 mailers.  

@Dwight HenningRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

It sounds like you navigated the challenges well and gained valuable lessons for your next venture.

I agree with Adam on this.

This will cost you money on the back end.

I have had to file claims with airbnb insurance twice and both times airbnb quickly paid out in full.

It automatically get county information, shoots out numbers to offer, text message, call, schedule walk throughs, email.

In this instance what I would do is get the deed in lieu from the borrower so you ahve the property again and get a note from them but have an attorney draft it to see if you can include a confession of judgment - meaning if they do not pay then you can get a quick judgment and possibly garnish wages.I would also have them put a small down payment as part of the note and only accept a check that way if you ever did garnish you have a copy of a check so you know where they bank.unfortunately you are right they can stop paying on the note and its unsecured so its a risk but out of all the options this is your best option.

To avoid pitfalls, research liens, check property conditions, and set a max bid before buying.

We need more of you in this world.I look forward to seeing you on the boards!