no, the condo is with livonia schools, around merriman and joy rd area. it has a pool and very nicely maintained.

For example, I would be stoked to purchase a home directly across the street from a nice community park.

If the tenants will own the washing machine then I wouldn't be concerned with how they maintain their own property.

@Matthew Pinkston If the amount of time you are spending on maintaining your books is really overwhelming then you may want to consider hiring a bookkeeper.

I have heard one person say you should maintain your ownership to 19 percent to limit your liability.  

Also we were making changes to layouts which would have meant it would be difficult to maintain.

This means we continue to maintain the property - they may assume all utilities and services - such that there will never be any issues around the tenant having an equitable interest in the property if they do not exercise the option.There are others on BP, who do things a little differently and some who make this their bread-and-butter (@Doug Pretorius) who can provide you with more insight.

For property managers managing 100+ properties, what tools, techniques or services do employ to keep things running smoothly while at the same time maintaining your sanity?

in my simple mind, the worst case is that the global economy collapses (assume worse than '08) so it might be hard to maintain rents at current levels but with no mortgage to cover, the break-even rent has to be fairly low (i.e. the rent needed to cover ALL monthly expenses) and its unlikely we couldn't find someone to rent it at the break-even if needed.  

You should start with your own "live-in" flip to build equity an learn some important lessons about maintaining a residential property.