The only thing out of state I would consider is PA cause it's still on the up and you can potentially hold and rent anything that doesn't sell for a decent rate where the rules/laws are better.

Have a legal advisor or counsel review your documents before signing.These will make your ultimate exit strategy, post Hard Money financing period, much easier when: - preparing & submitting paperwork for individual tax returns - maintaining the note in good stating with consistent payments & digital payment history paper trail - digital and/or easy access to documentation - preparing for a Re-Fi, Conventional financing, payoff, or even Flip/Sale & deed/title reconveyance to remove the Hard Money Lein holider at the end of the note's term

A tenant could stop paying and break every lease term not related to health and safety and you could not evict.  

Disclaimer aside, my short answer is create a land trust, transfer into it, adjust/replace insurance, redirect all accounts, and establish a bank account for the Trust. 

Hey Everyone!  I am going to manage some properties in Kauai next month and need to setup Trust Accounting at a local bank in Hawaii.  Does anyone have recommendations on banks or have a contact I can reach out to set...

Scenario:A lender had limited communication with the borrower throughout the loan term, resulting in misunderstandings and lack of alignment on project goals and expectations.Mistake:Miscommunication led to issues that could have been addressed early on, contributing to project delays and difficulties in loan repayment.Lesson Learned:Maintain open and regular communication with borrowers.

But you also want to make sure you have enough left over to make sure you have some holding costs should things not go as planned.

Has a fee agreement for him. plus 15 hr term.

We have a duplex and a lake townhouse that we rent long and short-term out of state so we have some experience as landlords.

Is your all-in budget $130K, meaning purchase/rehab/holding/closing costs all must fall within that number?