Communicate the risks and long term rewards.

They all are pretty good at communication and are easy to talk to.

I was so emotional and just wanting to liquidate his entire estate as quickly as possible that I just didn't think I was up to the challenge of rehabbing a 60 year old house that needed massive repairs to the tune of $100,000 or so.I had the cash and the house was totally paid off but,I just didn't have the courage to deal with contractors that would see a goof like me coming and take me to school.No one around me encouraged me to seek out advice and help from experienced investors and just told me to sell it and be grateful.I threw away a house that would have been worth $500,000 after rehab and fully paid off!!!!

But my goodness folks make communication too darn hard. 

Either the tenant is not paying, I have some high repair cost or the PM doesn't communicate.

We have to constantly communicate to make sure we don't exceed our budget- you must pay at conclusion of auction.

Once you understand the process I find its fairly easy to navigate but the initial discovery of what needs to happen at what time and how those check points are communicated was for sure a learning curve. 

DON'T let her situation suck you into an emotional decision.

If you don't charge them late fees some of the time, they will expect that all of the time.You must do business in a consistent manner and without emotion.

Yes you'll need to collect rent, but make sure they are good communicators from the get go.