I ran across this story and am racking my brain on how I can make this a win-win deal for everyone involved.

I could basically do everything related to management for them, including optimizing the listing to increase earning potential, organize the cleaning, and everything in between!

Best to ask your loan officer because there are so many ifs, and but whens involved in qualification guidelines.Not sure why your relative doesn't want to disclose the terms (tax liability?)

@Deren Huang is one who's highly involved in Tulsa area, and also is an investor himself, if he can't help you, he can definitely recommend someone.As far as signing, no, they should be able to set up a "remote closing" for you to sign locally to you. 

What you say are some of the great things to weigh; is the cost of the 1st month's rent worth freeing up my time of screening tenants, doing showings, and anything else involved in the placement process?

When we had property in another state we used a property manager to screen tenants (and she actually did a poor job at it since our last tenants left our rental so filthy, we needed three cleaning companies to get it good enough to sell)  We have a lot of set parameters that we indicate in writing to prospective tenants. 

As long as your description is detailed, pictures are professional/clean, and your rental is priced fairly, you should begin to get lead calls!

Growing up my parents had a few rentals so I had some background, but my involvement mostly consisted of helping to clean, paint, repair, etc. to get the house ready for a new tenant. 

I'm looking at property management fees ranging from 10-30%, miscellaneous fees/costs at varying intervals (cleaning, furniture replacement, special assessments), nightly rental rates ranging from $50 to $150, and totally unknown vacancy rates that vary drastically from building to building.

All of the third party providers involved in the transaction have the responsibility of making known any part of the transaction that has been misrepresented once the misrepresentation becomes known to them.