Yes you sign a property management agreement, usually the term is 1 year and then it transitions to month to month, but if you are a big enough pain in their butt you'll probably get out if you really had to. 

We thought of renting it out, but the process is such a pain, that we decided to sell it.

If someone sounds like a pain in the *** in the beginning they are going to be double that once they have your place;2.

Also would it be a pain to have it close by/easier to manager when it's offsite? 

Wall paper from 1960's:  high quality, very well made & a complete pain to get off the walls. 

There are so many variables that go into it like 1) actually finding a contractor who has done a 203k before because it requires a lot of paperwork so finding a contractor that has done it before makes it less painful 2) ACTUALLY finding a contractor to come place a “bid” on the renovations you need.

Eviction TBDHourly $40Tenant move out $50Lease Renewal - $99.00 (Found out my contract says $99 but they recently raise new owners to $250)Tenant Late Fees  25% of tenant late fees is paid to MPMDeed Purchase $50 (only if not provided w/management agreement)Administrative Billing - Not to exceed $35 per tansaction, unless biling is charged back to tenant, then the agreed upon oversight fees will apply.

I've found a lot of success working in a more stable market following systems that eliminate pain points like that, but it doesn't allow the crazy upside that you may see in Ohio, just stable returns. 

@Tristan Cabrera After years working in asset management for institutional investors (funds with portfolios of various property types across national markets), I now help national tenants with their lease administration—putting their leases into databases and developing systems for tracking all their obligations and key dates.  

Its that others are not sharing their struggles as openly and we're 2-4 weeks from feeling serious economic pain.