I would also have something in writing that requires your tenant to carry the appropriate insurance.Personally, I wouldn't allow arbitrage because you lose control of the property and accept a lot more risk.

ya I disagree with the need for SEC in this instance this is all family members a family trust or LLC would be in my mind appropriate but do have a local business attorney put it together for you.also you need robust provisions for exiting and selling the assets.. 

Older homes that are well-maintained but have poor flow, floor settling, or don't meet today's families expectations (small closets, narrow halls, low ceilings) should be appropriately comped.

Could i get a sense of what different funds are appropriate?

How much is appropriate?

Also a lot of the people that work there are mom and pop shops that are very hard for long-distance owners to find and appropriately manage.  

I tell people what my day job is and if appropriate I tell them I also buy and rent out houses. 

I do not think that the property will get appraised appropriately therefore I can still get out of the deal  with the appraisal contingency. 

If you do not have appropriate documentation, it will be very difficult to succeed in recovering the funds.

The agent will have the appropriate documents for disclosures etc. and will have attorney and broker backing.