The past few months consisted of heavy research using the internet, reading books, and attending some local real estate gatherings.

For me, my team consists of a realtor, property manager, handyman (for small repairs), plumber, electrician, lawn maintenance, flooring people and even a small construction outfit for those bigger jobs.  

When you're evaluating different turn key companies, in general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all propertiesWe've been active in Indianapolis since 2010 and would be happy to help.

Is this a red flag or is it common practice to provide such long term leases?

I have considered doing an LLC per property but it’s just not practical as I continue to acquire more properties.

I do not recommend this to novice landlords, it is definatly not a business practice suited to all landlords for obvious reasons.My biggest problem, specific to my rent controlled market, is that they always stay too long.

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

But for 3 years it was the Sea Glass Cottage on VRBO and has a solid consistent rent roll of $3000+ per month.

@Eddie Cottingham I agree most MLS multi family are usually over priced, however practice doing your numbers.  

I know that most people will say that the best practice when inheriting a tenant is to get them under your own rental agreement immediately after closing on the property (or begin the process of having them leave, if that’s the plan), and I did that with one of the units on the property.