The bigger issue is what the operating agreement (aka limited liability company agreement) will look like. 

Probably the strangest thing is that one of the light switches in the kitchen actually operates the built-in dishwasher...can’t figure out why that ever would have been a practical requirement.

I use property management, but your right there are challenges to operating out of state.  

So, all the investor/operators out there giving $10.00 as a down payment on a sale contract, your contract may not stand as having a sufficient equitable interest.

We own and operate a small property management firm in Vermont and highly value transparency and trust with our clients.  

I thought that as well but I believe there may be room to charge market rents in the near future as well as adding some additional income via coin operated washing machines. 

Always seek professional consultation with someone that operates in your local market.Hope this helps!

Purchase Info Square Feet (2 Units) 2,492 List Price $189,900 Purchase Price $171,750 Initial Cash Invested (down+cc) $51,340  Income Analysis Monthly Annual Net Operating Income $1,171/mo   $14,047/yr Cash Flow $527/mo  $6,330/yr Financial Metrics Cap Rate (Purchase Price) 8.2% Cash on Cash Return (Year 1) 12.3% Does this seem like a decent deal?

Our rental agreement must state what type of alarm it is... hard wired or battery operated and how many are installed.

My friends call me Dee.I own and operate a Pro Se Coaching & Training service here in Cleveland and have enjoyed it for about 14 years now.