Howdy Chris and Ken,Ken great outline and PSA for everyone.

There are many threads on this but some examples of what I mean by this is do you have a policy and procedures manual outlining how you manage your properties?

I just want to outline your responsibilities as a birddog and how to avoid pitfalls, which may discourage your efforts.

Stick by whatever your lease outlines for late fees and send proper notice about that.

I don't know your specific market but I believe that would be extremely difficult to cash flow with numbers like that after expenses.Owning rental property is a capital intensive business and not having adequate reserves could lead to making bad decisions.I would spend some time on BP reading about the 50% and 2% rule when evaluating properties as well as discussions that outline the true costs of owning and operating rental property.I would assume that want to get into owning rental property to enhance the quality of your life.

I've already teamed up with an agent who is also an investor who has outlined specific areas in which his buyers and himself are interested.

Meanwhile, is what I’ve outlined the best game plan?

@Mabel Lung at the risk of being called a vulture, I'd still like to welcome you to BP ;) The reasons you outlined for being interested in turnkey are spot on and, while there are definitely ways to make money closer to home or through other avenues, if you find a provider you really trust, turnkey can be one of the easiest ways to generate passive income.Full disclosure, I am the CEO of Spartan Invest, a full service turnkey outfit in Birmingham, AL, but being on the other side of the contract doesn't mean we providers don't have plenty of useful information to share!

The important part of the outline we had for the deal was:1-We would Split all equity 50/50 after the following:2-Her 20k returned with agreed return if not already paid by the other deal.3-My 20k reduction in PP on property paid back upon sale.Despite in my opinion, the Air BNB being a business, and that should remain separate, and all terms the same rather we are together or not, she just wants the property out of her name, and for me to have full responsibility, ownership, and to have as little as possible, or nothing to do with the property.There are conventional ways to do things that are perfect, and there are non conventional ways to do things that if done properly have a very high rate of success.The loan is an FHA loan that I do not qualify for on my own at the moment, but may qualify for in 6-12 months.So far, title has offered me the option of a quitclaim deed into my name and I will take responsibility of the mortgage and the entire ownership of the property.

When we have bought properties, we leave them with an introduction letter during the walk through (typically the day before closing) stating that we have a copy of the lease and outlining the general terms of it (rent amount, end date, etc) and let them know that their security deposit will be transferred to us at closing.