As a partner and manager of the property, what I would do is gjve the partner detailed report and copy of bank statements every quarter - maybe even every month. 

Depending on the size of your payroll this can be annually or quarterly or even monthly, Now you need to pay for an accountant.

To changing the zoning on your rentals, to making laws that restrict tenants, forcing quarterly inspections for safety reasons to anyone with a COO, fining owners for police visits to a location, offering no more student rental house permits and only single family residences, Holding owners responsible for any illegal activity that occurs on their property (unless you are a University then hey it's just kids being kids).

Ongoing quarterly/yearly reporting of tenant sales?

Politics was involved : Frank and Dodd.Three quarters of the distressed properties that I have purchased in the past 3 yrs were "investor owned".

Great shape.I could go on and on as our house is 2700 sqft and was empty as the quarter.

I can get it under contract for less than quarter of that. the problem is that im out of the area and not sure how to go about doing repair estimates, along with the fact that I dont have a cash buyer on hand.

Check out Citi's quarterly balance sheet - they're down 120B in assets, have reclassified ALL prior year quarterly/YE balance sheetswithout saying a word as to why.Heck, just watch the Q3/Q4 blowout of the TARP monies alone, then try to figure out how they got the TARP funds, REDUCED debt AND assets and vaporized the CASH without showing a single increased liability.

Some folks are recommending to use every card you want to keep at least once per quarter, so as not to fall into the "inactive" category as Josh has mentioned here.

You can pay quarterly, you can agree to pay $1,000 a month with $600 for principal and $400 for interest or do any percentage you wish.