I was mindlessly scrolling Facebook shortly after this and saw a friend from HS (who was not the best kid nor the most intelligent) accepting an invite to an event called "How to make $50k in a month" and I figured it was the biggest scam ever.

That way you set yourself up for success in the chance that you don’t feel like managing the property yourself after getting started.I know I threw a lot at you biggest takeaway is fail soon, fail often, fail forward.

The biggest issue I've run into with property management is that they are not very selective with the tenants, then the managers both don't stay on top of things and don't treat the tenant well.

What were some of the biggest challenges you faced? 

@Brian Oberg starting the process is the biggest step forward.

That is the biggest mistake you can make. 

A half bath and laundry are in the basement so adding a full bath shouldn't be too much work, egress would be the biggest problem 

My biggest advice is to make sure you have the right team in place to handle your rentals.

What should I ask from them to verify they are a good fit for the KP.I read that the KP's biggest risk is if I file bankruptcy and they become personally liable for the loan and get sued by the LPs. 

Biggest thing you could do is take a weekend, come on down, and drive around!