.§5-2 The Property Manager shall terminate management of a property if the Client does not comply with habitability requirements.Article 6: HANDLING OF FUNDSThe Property Manager shall hold all funds received on behalf of others in compliance with state law and shall not commingle the funds with personal or other business funds or use the funds for other than their intended purposes.STANDARDS OF PROFESSIONALISM§6-1 The Property Manager shall keep appropriate records and shall prepare and furnish to the Client accurate and timely financial reports relating to the Client’s rental and funds in accordance with the terms of the applicable management agreement.Article 7: AREAS OF EXPERTISEThe Property Manager must provide competent service within his or her area of expertise, and refrain from the unauthorized practice of any other profession for which he or she is not licensed or qualified.STANDARDS OF PROFESSIONALISM§7-1 The Property Manager shall perform only such services in such locations for which he or she is qualified and can reasonably be expected to perform with professional competence.§7-2 The Property Manager shall not perform and shall not represent that he or she can or will perform services outside of his or her area of expertise, particularly services that require a separate license or qualification – such as law, accounting, financial planning, construction, and/or contracting – unless the Property Manager independently possesses such license or qualification.Article 8: COMMITMENT TO FIRMThe Property Manager shall act in the best interests of his or her property management Firm.STANDARDS OF PROFESSIONALISM§8-1 The Property Manager shall not have any undisclosed conflict of interest with his or her Firm.

I have seen these with social conscience come and go.. we are going to keep the homeowner in the house why would they not.. well we all think that from our easy chair and basically stable life. however homeowners in foreclosure are in max stress for a number of reasons.. and my experience and granted its only a couple hundred deals were i bought homes in foreclosure.. folks living there have best intentions but life just gets in the way.. so in my mind your buying the asset and if for some reason they pay then great.but don't go into these thinking your going to save people.. go into them with the idea your going to own the house.. and be prepared for that. also I am not sure why folks take all that work and risk for a few extra bps  when perfectly good performing notes will return close to the same return.. without all the hassle work and drama. 

This is going to be my first time being a landlord, and I want to be as prepared as possible so as to not get caught off-guard or end up in a bad situation that could have been avoided.As always, thanks for all the help and advice.

Therefore, these necessary preparation actions that I have taken are starting to pay off in my confidence and knowledge base.

Must be prepared to keep them up.

I don't think I'm prepared to fork out the cost for Appfolio at this point but would probably be willing to pay up to $50/month if there was software/app that would accomplish all this.Also worth noting, we are at 3 properties currently but do plan to continue to grow at a slow but steady pace.

When looking at investment property, pet odors smell like money.I bought one of these a few years back and was prepared for chemical warfare. 

I need to figure out how to do this without any long term partners.I realize it’s going to be slightly more difficult but I’m preparing to make it work.

We own 3 different LLC's, and Mailed all 3 returns (prepared by our CPA) on April 4th. 

From your description, you aren't properly prepared as a landlord nor are you properly prepared to handle a DIY eviction, which will cost you thousands of dollars when you do it wrong, before you realize you need an attorney, then you have to pay his fees.