We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

He had a Viper and several other toys:)Are you planning on passing any of your wealth to others?

The risk of property damage or a lawsuit from a dog bite is too high. 

Run your business as a business or risk it.  

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?

 @Dominic Battagliac @Shawn Quigg Stumbling on this thread several years later.

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

Its proximity to campus, turnkey condition, and rental history make it particularly appealing to investors seeking high cash flow and low vacancy risks.

Short term, leaving financing in place during rehab prior to resale — great strategy with limited risk to either party. 

I have helped several investors recently acquire single family homes around the $400K price point that rent in the $2,200-$2,350 range.