I'm open to investigating any potential markets that could provide cash flow.It's not a necessity for me to own properties close by, but I would feel more secure making my first investments in areas within driving distance.

While a Realtor is optional, a good sharp closing agent familiar with seller financing, and a real estate attorney (usually owns the title co. here) to draft the mortgage docs is a necessity.

It has become clear to me that while I don't need my hand held, frequent  communication with the PM is a necessity.

I just never spend money on things that are not necessities.

The only reason they don't is that there aren't enough votes out there to bother.We'll be much better off when people realize that PM's and RE Investors ARE allies, but they must, by necessity, look out for their own self interests.  

I am under the assumption that the bank would base the necessity of down payment for a new loan on purchase price, while a refinance would be based on current value.  

I equate it to the necessity for one to 'be the parent.'

I only foreclose if I've xferred the deed in a sale;  lease option avoids that necessity, at least in theory, but some buyers are reluctant  to buy under option for various reasons, some being they worry or don't trust they'll get the deed at the end,miss out on some tax deductions if they're not owner, etc.Having a cancellation clause in a lease for the option in case of default sounds good, but by making reference to another contract in one contract,could be perceived as tying them together, negating any perceived initial benefit of having separate contracts.

What things are necessities in a rental property for you to even consider it "rentable"?

To do so, Ive found, is a necessity......As a result of increasing demand from others that i manage their properties, I have begun to do so on a limited basis, I  still have room to add others, and would be happy to speak to you if interested.