You would be exposed to doing work without a permit, the cost of the actual permit and, worst case, having to rip it all out and have a licensed plumber/electrician do it again.I've heard most municipalities around my area no longer charge the work without a permit fine.

Evict them and eat the cost.

It costs $100 for a lease and several other documents written by investors and an attorney-approved for your state.

Also, maintenance costs are almost non-existent in the first few years as very little (generally) goes wrong in the first 5 years or so.

As such, we opted for the deed in lieu strategy in order to minimize cost and uncertainty while speeding up the timeline.We began working with the borrower to negotiate terms of the deed in lieu.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

It costs $18/mo per contract and $145 annually but is worth it at this level.   

Laws and deadlines are very specific and missing something will end up costing your time and money.

Also, probably I'd have to fly out to KC a few times until I buy the property to meet the team, potential properties, etc which will add to the costs (~$600-$800 each trip) of owning an OOS property.Given this market, I'd like to hear from OOS investors if they think it's still doable to pull off an purchase worth investing in.I don't want to talk myself out of it again and focus on the negatives but also, want to make a sound decision that benefits me in the long term and doesn't hurt [much] in the short term.

The annual insurance cost of $300 is way too low, I'd add another 0 to that.