I see now that it's not that black and white... but nonetheless, I'm going to mostly describe that line of thinking with this post and hopefully the alternative thought processes will come out in the discussion.Okay, I live in an area with a staggering number of MHCs and from what I can see, there are two main classes of residents.

If you dont plan on living there full time (which is what you described), then that will be an issue. 

Now before you say, "...but it's $500/month", I will tell you it isn't.Based on the area you described, and the problems you know you will encounter (as in costs, and late/no rent payments), that $500/month ($6k/yr) will disappear real fast...but the headaches won't.You're chasing a shiny object of distraction. 

However, I think what Bob describes is typical - You have a list of owners with PII which can be fed to their API to pull records, hopefully including delinquency info.  

Well, I guess you should always analyze several different loans...and depending on your exit strategy (renting or flipping) that might make some difference....but I think when you do analyze the HML route will show less out of your pocket.I hope this helps how I am describing it but tag me back with any questions. 

(A) An out-of-state commercial broker, for a fee, commission, or other valuable consideration, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration, may perform those acts that require a license under this chapter, with respect to commercial real estate, provided that the out-of-state commercial broker does all of the following:(1) Works in cooperation with an Ohio real estate broker who holds a valid, active license issued under this chapter;(2) Enters into a written agreement with the Ohio broker described in division (A)(1) of this section that includes the terms of cooperation and compensation and a statement that the out-of-state commercial broker and its agents will agree to adhere to the laws of Ohio;(3) Furnishes the Ohio broker described in division (A)(1) of this section with a copy of the out-of-state commercial broker's current certificate of good standing from any jurisdiction where the out-of-state commercial broker maintains an active real estate license;(4) Files an irrevocable written consent with the Ohio broker described in division (A)(1) of this section that legal actions arising out of the conduct of the out-of-state commercial broker or its agents may be commenced against the out-of-state commercial broker in the court of proper jurisdiction of any county in Ohio where the cause of action arises or where the plaintiff resides;(5) Includes the name of the Ohio broker described in division (A)(1) of this section on all advertising in accordance with section 4735.16 of the Revised Code;(6) Deposits all escrow funds, security deposits, and other money received by either the out-of-state commercial broker or Ohio broker described in division (A)(1) of this section in trust or special accounts maintained by the Ohio broker;(7) Deposits all documentation required by this section and records and documents related to the transaction with the Ohio broker described in division (A)(1) of this section.

Mainly because of the very issue you described - high out of pocket costs. 

I hope that makes sense how I am describing this but feel free to tag me with any other questions. 

I hope this makes sense how I am describing this. 

I am also co-hosting with another owner who is doing exactly what you describe.