@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?

I would shoot him regular updates to keep him in the loop.

You'll be able to monitor everything a lot easier if you can invest in your own backyard and won't have to jump on a flight or incur any unneeded expenses. 

Monitor your spending habits to make sure you’re consistently putting money aside for both the short-term and long-term costs of real estate. 

They should pay just like someone on a regular lease pays - cash or equivalent into your bank account. 

It's easier for an investor to stay committed to the plan and avoid change orders than it is a regular homeowner.

They can't assess all the subjective data like overall layout, view from the living room window, the dogs next door that bark all day, the width of doorways, size of individual rooms, quality of kitchen cabinets and appliances, etc.The best thing to do is study your market regularly.

This includes monitoring the transaction, conveyancing, compensating my transaction coordinator, and dealing with both sides paperwork and timelines - not including negotiations. 

Whether it's a private chat group, email support, or regular check-ins, make sure there’s a way to get ongoing help.7.

A rent heavy market, with a shortage, I am receiving regular requests for rentals in these markets.