I don't use them because I don't legally have to use and escrow account, but I came across it shopping for a new account.

Here is the exact scenario I'm facing right now on some vacant land I'm buying.Purchase price                                                                                                         $65,000Additional cost (closing fees, easement, county fees, pizza party, etc)

I currently own a business as a general contractor and recently was asked by a property owner I have worked with several times the past few years if I would manage his property, my question is this; what are the legal requirements for me to do so in the state of KY and will I need a real estate license?

I am not a lawyer and not giving legal advice but you have to seriously consider the cost of an LLC/EIN number for every property. 

I suggested a 1031 exchange - as the parties would be ok with trading for a property of similar or higher value much closer to where the elderly friend resides.

If you get past the legal hurdles, let me know.

Of course, verify your situation with your CPA/Legal.

As it stands, it's on his first party insurance until you're determined to be liable, if that happens. 

I will be doing an FHA or traditional cash out refi on my primary with them early next year (there is still the up front PMI on fha, but no closing costs) to wrap my first, second, and some divorce legal debt together and then doing a rate and term traditional refi several months later to lock in a lower rate than a cash out would have now.

They should not use any third parties nor should they assume the property is a Turnkey because the photos on the MLS look good.I would check out:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider