Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Cody EvansI would say your next play depends on how involved you want to be and what your strategy is.

My borrower/buyer referrals are pre-approved in advance and these are clean Mortgage Broker to Buyer Agent referrals.With being set up on MLS notification to receive alerts as well as the many other sites like Trulia/ Zillow, etc., from there we just need a lockbox code and negotiating skills to secure the best price, in addition to the $12,000 Realtor Rebate to borrower at closing.These are on the sales contracts and on the final CD or Closing Statement. 

., Arms length to avoid a step transaction would involve retail sales which would cause a recognition of gain anyway. 

They'll confirm the ARV and current values (you want that BPO/appraisal), make sure you have the right insurance in place, ensure title is clean, etc. 

Completing this form is very tricky, and I highly recommend you leave it to a tax professional who has done it before.Yes, there is some audit risk involved, but not much more than your usual risk of simply being in business.

Maybe asking about the time involved and legal fees so far can help set the frame of my offers.

I understand there are risks involved and being a landlord is a full time job; but what I wanted to know is if it's as bad as naysayers say it is.My dad thinks I should do it and said he wishes he did that when he was young.

Once you move past the owner occupied I would say is when the game changes and you will be looking for a bank that will lend more on the property and risks involved beings it will be a true investment from the banks perspective. 

I don’t want to do anything to it other than cleaning it up.