Plan was try one property likely in Phx, use it to build a network/team myself through personal visit and through family/friends (parents/uncle own vacation homes there and I have friends there).Now I am looking at investing with a "ready-made" team and focusing on fix/flips, which is my preference actually and would likely do if I had feet on the ground.Either way, I will walk before I run over there.I might be crazy, people tell me I am, the world is coming to China whereas I have moved capital out.

I am in Northern VA and my parents rent out a townhome- in the past they used a lease, but since it expired, they have never sent the tenants a new lease for renewal.

You couldn't be the investor in a short sale of your parent's house for example.

I also ALWAYS require a parent to co-sign, my reason is the lack of rental and credit history, I mean really!

If you are going to do it, I would screen for good grades and get both parents of each renter to cosign along with the max allowable deposit.

Actually, my parents taught me about MLO's on residential property so it was easy for me to grasp and its nothing new but that doesn't mean its well known either.

Bigger power bills are going to drive even more tenants into doubling up or returning to their parent's homes.

Off Topic :To take it one-step further, you should create a parent company, usually a S-Corp or an LLC with an S-Corp filing status.

However, just like a child, if you really really want something you can make it fit your mold.

And acting as a surrogate 'parent/counselor' grows repititiously tiresome.