Maybe like Warren Buffet says, "A rising tide floats all boats…..only when the tide goes out do you discover who's been swimming naked."

For what it's worth, my past, and current management agreements state:  "Agent shall indemnify and hold Owner harmless from any loss, costs, damages, suits and expenses (including reasonable attorneys fees) arising from any negligent act of omission of the Agent"I'm not a lawyer, but that language makes me much more comfortable with the PM;  we both acknowledge our responsibilities and this clause tells me that the Agent is willing to take responsibility. 

My goal is to have a clear answer to any tenant questions/property issues that arise by simply referring to my written policy/procedures.I also think this will help me find areas where my lease agreement is weak, so I can strengthen it for the next renewal or new tenant.Thanks and happy investing,Mike

Hi @Brian Caulfield I don't think investing in rougher areas is a bad idea as long as you are aware of the risks and make sure you plan ahead for when problems arise.

We are looking to potentially team up with an investor/partner on a project in Tuscany (or one of the surround provinces).Essentially, my partner and I are looking to settle down in Tuscany on a small homestead (fattoria), and hope to meet someone with a similar interest in purchasing rural Tuscan property for commercial or personal uses.Finances will not permit us to purchase the land and structures for some time, but if an opportunity were to arise that would allow us to fast track the process - we would be more than willing to explore options!

Plus, you can always take out a home equity line of credit and use that to invest when opportunities arise.  

I would have a contractor look at the property and determine what costs could arise more quickly with repairs on the property.Good luck!

However, most fail to operate the entity properly and that's where issues generally arise.

Waste of time given you will live there and will know when issues arise.

Akron.The 2% rule is a myth arising out of the mists of the South and Midwest.