What you pay and how it performs at the time of purchase is important; but what you do with the building after you take it over is far more important. 

That's right, in addition to what you listed, as the asset manager you will be implementing the business plan to ensure that the property perform as it was underwritten; this will require you to conduct a weekly call or visit with the property manager; (this one is very important as you do not want to go more than a week without talking to your property manager any longer it could be a really bad day and you might not be able to provide your investor with the returns that they expected.

Accounting/tax questions:Many of us know that in order to qualify as a real estate professional status, one of the things you have to do is you have to perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participated.Would the time reading books related to real estate count as part of the 750 hours?

Believe it or not, I had no idea how little I know about the services or environment in my own area.Writing this down has been an excellent exercise.

Would like to re-assess needs and coordinate, augment, and/or eliminate these various policies.Curious who has done this type of exercise and how they selected an agent that could do it all. 

They have a fiduciary responsibility to you (if an agreement is signed) so if they are not performing the way you would like them to, find someone else.If you have any other questions or just want to chat, please message me anytime!

I am going through the same exercise now, as I have a rental I want to sell contract for deed on a five year balloon.

It isn't a taxable event for you until "if and when" he exercises the Option.

Rental properties have enough variables within them and the injection of a variable payment in conjunction with a contractual rent amount seems challenging (UNLESS you can annually ensure that rent increases will be performed by yourself OR your PM company).2. 

Equity in your home is dead and non-performing.