This takes a lot of time, expertise and knowledge.  

Outside their expertise. 

If you're in need of such expertise, I'd be happy to provide a referral.Regarding financial management:1.

No start-up capital, no reliance on banks, no particular expertise required (initially at least, we had still had to learn a lot along the way!).

@Stuart Udis you sound like one of the good guys :)  This line is GOLD, "90% of people who post on BP about entity formation or transferring properties from their personal name to an LLC cannot articulate the risk they believe they are protecting against"Its a game of risk/reward.

The usual risk/reward curve applies to real estate the same as it does to other investments.

Want higher reward?

I'm not sure if her local expertise would add any value.Another commenter boldly assumed that I think I know it all, which is not true.

Passive landlord is a long game enter anytime stay for decades and most will do just fine.Active engagement same thing enter anytime and your reward is how hard you work identifying the hot ticket at the time  access to capital etc etc..

Ensure major decisions are made jointly.This setup balances the partnership and fairly rewards both contributions.