If you have a properly written power-of-attorney (POA) authorizing you to manage on behalf of the borrower, then you should be fine.Here's what we've done:1.

Things to consider would be down payments and renovation cost.

I build at simple closet with accordion doors to make it as some and cost effective as possible.

Factor in those costs (usually 8-10% of rent) when you're running your numbers.You mentioned the challenge of acting quickly on properties while managing your dental practice.

@Ray HageI agree as I would stay away from condos as between special assessments and increase of fees, what is the risk vs reward.Many of these buildings are run by people who are not property managers or have development experience and lack the knowledge to properly run the propertyAlso many don’t realize that on older buildings your initial estimate will be 30-50% less once the work starts, especially on older concrete buildings that are susceptible to deterioration due to the weather in these areas (especially the salt)

You can buy about 4 of these units for the cost of a single-family home in most parts of the country.

This can be hard to manage if you have a larger property with a regular size washer.

I am curious about any potential barriers to look out for- timing, access/cost supplies, labor force?

I own a construction company and would manage them and manage maintenance myself, and likely even rent a unit to myself to keep it simple (I’ve been a resident manager before too).

Setting up a refinance with an escrow would be fine, but if your ARV is only 75k, then most groups would do 70% of ARV, which after your 7500 payoff and closing costs, puts you with an escrow around that 40k mark.