While I agree that a good property manager is a must, as @Chris Clothier mentioned it's still imperative that you visit the property regularly to ensure that your interests are being looked after, and this alone eats considerably into your cash flow, not to mention your time and energy.

And even if the house doesn't need a complete cosmetic rehab, we'll generally do it anyway, as we don't like houses to look only partially new.For reference, you can see a list/pictures of each of my houses on my website, along with all the detailed financials -- this includes the rehab costs down to the penny.

I argued that couldn't be true because within 45 minutes away there are two different counties who operate totally different (more like the scenario you're referring to).

If there were more I'd definitely be a regular listener.

You and I should definitely grab some coffee - I have been a hard money lender in the Charlotte market for almost 10 years and regularly work with trust deed investors, either as an advisor, or as a broker.

Let him know I referred you.

The accountant may be referring to a prohibited transaction known as "self dealing".

-Some good info there...Digging through those articles (mainly the footnotes :), I found several references that directly apply to conversation at hand:- In AZ, it appears that real estate brokers and salepersons have the right to draft and complete their own P&S documents, as well as other real estate related documents directly related to their clients:http://www.azleg.gov/FormatDocument.asp?

write, and/or tell them verbally, that along w/ the above mentioned that you expect to be fully paid or you will seek an eviction/judgment which can damage future ability to rent/own & that if a a future landlord contacts you for a reference, you will have to be truthful of your payment past.you could also try cash for keys to minimize your loss.just some optons FWIW.

Joe Gore I think @Joe Gore was referring to @Dave Van Horn here ...