It's possible the deceased father agreed to let her manage the property and keep the rent net for her troubles, but the title/ownership remains in him so his heirs would inherit it as a legacy.I suggest your friend familiarize himself with the statute of frauds which I believe requires agreements regarding real estate be in writing to be enforceable.

It's important to take your time with tenant screening and be prepared to manage the property yourself.

For 15 years you manage to save up $20k per year and you have the missing $300k to pay $400k in cash.

I thought it was incredibly hypocritical when I worked for a bank and got those requests from "risk management".

In choppy markets, being a hard money lender allows you to capitalize on opportunities without directly owning and managing properties.

I do, a good buddy owns and manages a few @Lucas Piper

You didn't even mention tenants who don't pay rent, evictions, vacancies, HOA violations, the consistent rise in taxes and insurance, bad property managers, and the many other issues that cut into your profit. 

Most stay, they're still below market rents.Our maintenance management system has a ticket that either gets satisfied or generates follow up visits to inquire about the lease anytime they're at the property on other business.

Howdy @Chris Wilson I too am a buy and hold guy here in okc and also a property manager.

If so, how did you learn to manage your rentals well?