Until you've proven you can successfully do it you'll probably be spinning your wheels trying to raise funds.

We want something to help us market our unit, receive applications, conduct background checks, collect rents, maintenance requests,  and keep track of expenses.Thanks do your time.Erik 

If they do take such good care though i'd see if i could lear what the problem is and guide them to getting on track - and saving that late fee.

It would be faster than trying to track this one down and if this one never submitted the paperwork, they won't be paid.

We work with out-of-state/foreign investors consistently and the key is communication and being the type of company that is technologically forward-thinking (i.e. the ease of sharing photo/video updates and making selections for your property).Your first protection is making sure you can run the numbers for the right deal - looks like you have a good head for the numbers you need to hit, so you're on the right track already!

You can consider breaking out on your own or working with a smaller company and better splits after you've proven your earning ability.

I’m told it has proven to be a good investment so far.

All the comments are great and it depends on the circumstances, but innocent until proven guilty.

In the current market conditions I look for sponsors that have the following:experience in all parts of market cycleare acquiring large assets no less than 100 units a proven value add strategyoffering a true preferred return (7%-8%)a 70/30 or greater equity splitmonthly cashflow distributionsinvest along side their passive investorsrunning a 5 year business plan and have debt terms that exceed the length of the business plan( this will become important if you have to hold the asset longer than the initial business plan)assets located in markets with strong economic indicators

The servicer is not necessary if you are good at tracking the payments and the son trusts you enough to do as you say, but most savvy sellers want some guarantee.