The best approach is to hire a full time onsite management team that is experienced, and capable of performing all the duties of management, home sales, managing maintenance and repairs, and the implementation of software systems and processes that will eventually have the park running like a Swiss watch.

This is nothing more than the asset performing, same as a stock going up in value or receiving dividends in a ROTH.If your Roth has checkbook control and is in an LLC the state may send you something saying that your LLC hasn't filed taxes.This happened to me.

I am charging an additional 5% as I will be finding the property and be hands on to perform any repairs.

16 totally legit hungry well performing buyers.Find a deal, wave that deal around and cash buyers will line up to be on your list.See, to be succesful in any business, you need credibility.If you are credible people will flock to you when they have a problem you can solve.Keep this in mind and let this be a mindset change for you.People that need to sell their house desperately NEED YOU!

What you pay and how it performs at the time of purchase is important; but what you do with the building after you take it over is far more important. 

That's right, in addition to what you listed, as the asset manager you will be implementing the business plan to ensure that the property perform as it was underwritten; this will require you to conduct a weekly call or visit with the property manager; (this one is very important as you do not want to go more than a week without talking to your property manager any longer it could be a really bad day and you might not be able to provide your investor with the returns that they expected.

Accounting/tax questions:Many of us know that in order to qualify as a real estate professional status, one of the things you have to do is you have to perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participated.Would the time reading books related to real estate count as part of the 750 hours?

Does it benefit you to find a "compatible" Realtor to handle the sometimes time consuming tasks to get a transaction done, or you spend time doing it yourself with your own license? 

They have a fiduciary responsibility to you (if an agreement is signed) so if they are not performing the way you would like them to, find someone else.If you have any other questions or just want to chat, please message me anytime!

It may not be worth your time taking on the task of learning this skill if you have no intention of becoming a real estate handyman.