@Nathan Gesner  is on point yet again, start with your basic estate plan first just like he did. 

Basically - I want a PM who keeps the property in good shape and occupied to get paid, and a PM who is either bad at maintaining properties and finding good tenants, or just really unlucky, to not get paid.- PM charges 8% of rent, which escalates to 10% if the property exceeds 95% occupancy with rent collection. - PM charges minimal fees.- PM is contractually obligated to perform annual maintenance/inspection to keep property in top shape. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

It will familiarize you with the basic terminology and benefits.

But I think you are asking for a standard timeline for a basic transaction @Kiryl Ulanovich. 

Basically unsellable wrap notes, blatant violations of Dodd Frank, borderline fraud, the list goes on. 

**Letter of Intent (LOI)**: Though not legally binding, an LOI can outline the basic terms and conditions of a potential deal before the final contracts are drawn up, ensuring that all parties are on the same page.It's always wise to consult with a real estate attorney to ensure that your contracts comply with local laws and protect your interests.

Flipping it will take time if you have to sell.Plus a home like that doesn't lend itself to a LTR unless there is a demand for high end rentals.What I would like to see is some examples of what you are looking at along with basic numbers you have run so far.

Some questions for the people with experience: What are some basic landlord problems I will most likely run into?

You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.

Vrbo automates the basics, but beyond the basics I will promptly answer.