The property management may or may not be a major component of the income strategy of the operator depending on the goals of the business.

Like any relationship trust is the main component to make it successful.

If you have a driveway on the lot that is being used by the homeowners, it fits one of the main components of proving adverse possession, which is proof of non-permissive use that is open, actual and notorious.

So there is a livability component for you and your family and then there is the possible investment aspect of the equation.You need to make a sheet and rank them in order of importance from 1 to 5.Many buyers look at houses as investments but in a lot of cases the equity build up is just keeping up with yearly inflation values and you also spend about 1 to 1.5% annually of the purchase price maintaining the property.

Bank Single Point Essentials ($35/month) - never a late payment, I never check the mail4) Tenant reminders: I use boomerang to schedule recurring reminders to the tenant  - i.e. change the furnace filter, winterize the home, etc - I ask the tenant to respond when the task is complete and boomerang will also remind me if they don't respond.5) (Manual and preventative) I automatically replace certain components before their end-of-life to prevent tenant calls if things break - i.e.

Did you know, there are several components of your building that depreciate faster than the rest of the property?

Plus you get a networking component. 

Also, if you are considering keeping it, I would have a home inspection done if you haven't already done so to see if there are any major components that needs to be replaced anytime in the near future; roof, furnace, hot water, HVAC, etc.

I realize there is a large geographic component to my situation, but has anyone had success or experience flipping a home with this layout.My realtor said lenders require a functional, above-grade kitchen and bathroom to provide a mortgage, so this may be a tricky situation given the kitchen is on the lower portion of the bi-level, and at the very least it will decrease ARV compared to a traditional layout.

Passive comes when you have hired others to do all the active components AND EVEN THEN your managing the managers.