While it is written for legal eagles, I suggest you read it carefully as to federal case laws cited and the issues faced in lending.I have seen several suggesting the use of pre-arranged quit-claim deeds as a deed in lieu of foreclosure in providing a loan, it's a bad idea.While it is addressing conventional lenders, such as banks, it applies to all privately financed transactions, including installment contracts such as land contracts or contract for deeds.

I am their eyes and ears here in Atlanta when they cant be here physically.

It sounds like you have an attitude that will help you to mitigate the risks.In my view, the two biggest risk factors with your plan are 1) repair cost overruns due to unforeseen structural or costly problems and 2) repair cost overruns due to theft.If your eyes are wide open to these factors and you have enough financial cushion to learn from your mistakes and keep going I think you can do well.

Not long after I met a guy that could sell anything you lay your eyes on and he was doing pretty well to with a 3rd party wealthy factory owner that was backing him.

As far as sea chickens...ill have to keep an eye out for them.

Did you see where that Colombian hit one of the USA players in the eye and laid her out?

Kerry,5 years ago, we bought a business that we were going to turn around, we walked into it with iur eyes open.

Keeping an eye on the expenses and having good long term tenants will be keys to success. 

People who have an eye on the regulatory system and who know how to navigate can LEGALLY grow a hundred plants in their own homes.

If they look at you with Deer in the headlight eyes you need to run and find someone else.