Practically how that works for RC is you would receive your initial settlement and make your repairs.

Make sure you note any "Phone Answering Fees, Repair Oversight Fees, After Hour Fees, Other Arbitrary Fees" it's pretty standard practice everywhere for what I've found to be 'sub-par' property manager. 

You should also read Kellar's "the millionaire real estate investor" and practice the #1 rule for investing in real estate: you make your money when you buy.

I am an architect (my full time job) and have been practicing architecture designing retail, multifamily, residential and healthcare for 15 plus years.

It is all considered practicing law without a license.

A bad month or two could practically wipe out any profit for the year on a property such as this, and that is not a possibility I'm willing to risk. 

Granted you do not necessarily practice in these folks' locales, and you would of course caveat that, but you could at least offer some perspective in how things work where you practice.  

Need to do research on note due diligence, Dodd Frank, and other regulations.

I would recommend to anyone that the get knowledgeable on their local occupancy regulations.

Not only is the practice a good thing, but in some cases you can use the mixed calls to start building a relationship and start guiding the conversations towards a deal.500 letters to absentee owners is a good start!