You would need to read the entire contract however, since there may be grounds to void the contract in its entirety if the PM company isn't doing that which they are required to, such as keep accurate records.

What is important is that you keep a good accounting of all the rents and expenses (Excel, Quickbooks, etc).

This new virtual investing seems risky and something that requires skills beyond those of a newbie.

There is an approach that is very successful but it requires understanding of how things work.

@Myer Johnson - can you share details please, I buy & hold properties for rent and wanted to see if this fits my requirements

I get charged 10% on property management per rented property, lawn maintenance and service utility on the properties not rented, and miscellaneous expenses on little things that pop up for maintaining the properties. 

If they didn't, the seller could foreclose.So, you could either:1) Buyout the middleman with cash and assume existing LC2) Write a new LC with the middleman and leave the existing LC in place, but include language that requires proof of payment to the underlying LC.

If the pricewould have been $20k less I would have been good with just a VA loan.So depending if you're looking at a larger more expensive house, I wouldn't refi the 1st one as I'm sure your interest rate is pretty low, plus adding closing cost would add more $ being refinanced.

The challenge that many borrowers run into when looking for larger equity lines with limits  of $250k+ is that they typically require full income verification (not always bank statement and DSCR exist) with lower DTI ratios (43-50%) however although the repayment scheduled is based off a simple interest only payment, (usually a 30 year amortization schedule with the initial draw period of 5-10 years) the qualifying rate is based off of the converted twenty year amortization schedule (240 equal installments) of the payback period.

 Sorry to hear about your situation, depending on the lease if you have in there where they cover expenses caused by negligence. defiantly bill them. also curious, is the water heater tankless?