So, in the rehab phase some of the key contributions the property manager should make include: Referrals to trusted handymen and suchReview quotes so you know you are not overpaying or the quote is missing items.Before you make the final payment to the workers, the property manager must do a walk through of the property ensuring that the work is actually complete.

Then the town had to come and inspect the gauge to ensure it holds pressure and THEN the utility company came out and did their own inspection. 

The key factor in the sub2 transaction is to ensure that the seller is aware their credit and responsibility for said mortgage remains in effect and that you set up a third party system which ensures you pay that mortgage on time until you sell it. 

Just ensure you have proper documentation in the event of an IRS audit such as comparable market rates to prove reasonableness of the rate charged as well as evidence of the work retreat such as minutes or an agenda.

As a landlord, requiring renters insurance can help reduce your own liability and ensure that tenants have adequate protection in case of an unforeseen event. 

It encourages responsible practices like on-time payments and avoiding excessive debt.Preparation for Major Financial Moves: Before a big step like buying a home, ensure your credit report is in good shape.

This can help ensure that there is a high demand for rental properties in the area. 

Take this as far as you need to take it to ensure this will never happen again because you were such a pain in the *** about it.

Fred, thanks for your thoughts as well.In terms of area trends - just to ensure we're on the same page, what trends were you referring to?

I wrote a long BP post on my experiences in finding a market:https://www.biggerpockets.com/blogs/6526/blog_post...I also wrote about my experiences property managing from abroad:https://www.biggerpockets.com/blogs/6526/blog_post...I had the same concern as you - how can I ensure my team was aligned with my interest.