We are considering a turnkey operation to help us find another property.  

Hi, @Jimmy Warr.When borrowing money, I always operate under the following two assumptions.1.

You may operate your rentals in a way that qualify you to be "in business" which then allows you to deduct expenses similar to other business owners.

There is no guarantee that the next tenants will be better or get along better.Examples:Operation, Maintenance, Storage, Alterations to Premises: On a continuing basis, tenant agrees to: Keep premises in a clean, neat, and sanitary condition; no parking, storage, or accumulation of debris on lawn or yard.Not store non-operating vehicles, nor boats, RV’s, motor cycles, trailers, firearms, equipment, tools, hazardous materials, liquids, paints, fuels/oils or chemicals on premises without landlord/agent approval; no waterbeds

If your buyer is not a cash purchase and they need financing,  than you will need to be able to provide operating statements, rent roll, tax returns etc. showing a history of the property cash flowing. 

That means the home owners are not getting chattel loans but a mortgage loan because they are also either:Buying the ground directly underneath the home;or, they are buying a common interest in all the ground.Those types of loans should only be made by an experienced lender who have some type of operational agreement with the community and the management company.Resident owner communities often sound like a very good deal for the residents, but more often than not, they would have been better off if the community was owned by a for profit landlord.

I only cared about getting the space back on time for the new tenant and in a condition where the new tenant could move in and begin operating immediately.This required a lot of additional work on my part, and I executed these re-lease subleases for no fee, but it solved a business problem for the client and he was always glad to hear the course of action led resolving a business problem he wouldn't have to spend time addressing.In return for my efforts, I got to spend a tremendous amount of time around a brilliant business mind.

Draft an operating agreement with all the stipulations you each want.  

A black glove with a middle finger showing and a nailed up note with the tenants name underneath, KKK Neighborhood Watch notices, couple of n****r messages, and the oldy but goldy, a noose in the front yard.Our tenant calls the cops, and absolutely nothing happens apart from the neighbor being told that if he fires his gun outside again he'll be arrested.Over the next few months this continues.

Property management – does anyone have experience with a property management company who operates in the area. could you please share your recommendationsWhat kind of ROIs and Cap rates should one be benchmarking to in this neighborhood of Newark Experienced Newark Investors - @Ibrahim Hughes, @Steve Wilcox, @Angelo Mart, Others – do let me know what you think about Upper Vailsburg and ideal returns here.