The returns are there, the economy is doing well, the cashflow is there, the population is growing, our state elected reps are there so it's guaranteed to always have a good school district (they are the ones making the budget), it's a reasonable drive for going to deal with property owner problems in person, it's not Nebraska with zero inflation adjusted appreciation, et cetera. 

That means it would take you, all things being perfect, almost 13 years to recover your cash.I can pretty much guarantee that your will be replacing expensive items (CAPEX) at least twice during that time period. 

Sure, they may want you to personally guarantee, but asking you to change title and then wait 6 months...Have you considered HELOCs?

I will guarantee you will have a million dollars in 30 years. 

While it does have gaps, they are more related to long-term maintenance and loss of earnings.Or prevent a personal guarantee?

Account ClosedYou should consult an Attorney/Accountant about entity formation.If there is one member doing work, you may want to consider having him/her being given a guaranteed payment.

The turnkey company guarantees rental for the first year, or they will pay the rent to me directly.

Neither is a guarantee but you're increasing the odds of success.

You'll guarantee the loan so they still use your credit history, but they look for the property to support itself.

But you already know that if he gets laid off, he will quit paying and he will continue to live in the home for free as long as he can.It's not a guarantee he will fail but there's an increased level of risk.