Though, congrats on having the b@ll$ to kick it off :) I'm still hesitating to do my first one!! 

Thanks so much for your input!

I'd take a management fee when the property is rented out and the rents would obviously pay the mortgage, expenses, tax prep etc.Thanks for the input so far.  

There are plenty in the whole area so network, talk get people's input and you will find your path.  

@Loren Whitneyand @Gino Barbaro, thanks for the input and your condolences.

At move-in I use a two column inspection report (move-in & move-out) and note the conditions at move-in.Tenant and LL sign and date.Come move-out, drag out the inspection report and walk/inspect with the tenant, again both sign & date.Get the new address to mail the "deposit refund" (don't even have check book with you).Here in Calif, we must respond on or before 21 days after move-out with an itemized repair list and the residual deposit being refunded.

Thanks for the input. 

Thanks for the input and advise.

Hello, I am in the process of finalizing a deal in East Austin (Texas), that involves building a 30 unit luxury condo's and wanted to get local investor input who have built MFR (Apartments / Condo's / Duplex / Four-plexes) in that area [East Austin / Downtown or South Austin]. 

The part about hard money lenders not being licensed was very helpful, thank you for your replies and input.