Your family member could also provide the financing on it and make money every month with a positive cash flow spread between the debt and the rent collected or be like a guarantee person that is the main backer for the long term loan your Bank or other lender that  owns that property with a long term loan with that property  on a security  loan until that loan is paid off.Not saying the fix up budget makes this decision fairly difficult but i would say to not have a house that needs over $5,000 on the "make ready" expense to make a 20% gross return giving a cost price and sales price you gave on your example.What you could do to find a deal is pretty limitless. 

So are you going to hire 24 hour security?

Then you just manage the managers and let then know your goals and what you expect from them regularly. 

As per the refinancing we have had many borrowers refinance out of our loans and into a regular loan with no problems.

Look Unless it’s in your lease I would tell them that if they want it colder then go buy themselves a window unit and if they really fight you about it go buy them one and take the cost directly out of their security deposit .

I don't do regular checks mid lease, usually I am there once a year for repairs and I do a walk through then.When they notify me they are not renewing I do my walk through as I am showing the unit to new tenants and have a conversation with them about what they need to do to get their SD back 

You'll pay more then regular loan...

I know that'd net me $0 w/ needing to fill a security fund on the side.So I'm curious.

Women need financial security.)

And yes, I know the next step after distribution is to retitle into my name, and then begin to treat them as "regular" rental properties (rent - taxes - expenses - depreciation).Thanks again!