(I can say this with some level of authority as I'm a plaintiff's lawyer.)

For example, turn management and its associated costs of running the huge river island park, Belle Isle, or the historic fort, Fort Wayne over the the state or regional authority as has been proposed and rejected by the former incompetent "leadership".Contrary to what I sense is the conventional wisdom outside Michigan, this is not the beginning of a disaster.

If the property note is held by the bank then you can't get any of that info unless the owner/seller decides to sign a release of authorization where you can retrieve this info from the lender.4.

If just paying to allow her to come and go as you guys please with no restrictions on time then just have her added as an "authorized occupant" but not have any lease rights.

Or have the tenant add you as an "authorized user" on the security contract where they e-mail/call you when the security code has been updated.

If you believe there is a remote possibility of something similar, it should be included in your long-term real estate investment planning.When considering whether to adopt the ideas and recommendations from someone or an author, consider that person’s historical experience.

Wow.... that's hard to nail down to a single thing because there are so many things that, if done wrong, can result in the collapse of the entire business.I guess I would have to say the single most dangerous pitfall would be failing to create a comprehensive business plan/model that provides a solution for everything that will need to be done..... as well as anticipate market changes which require adjustments to your business model.There's a famous military General (I think it was General Patton) that was credited with being a military genius because he gave immediate and specific commands for every scenario the battlefield threw at him.

My solution is to make the deal with the principle (widow) and then work on getting her CPA's (capacity, powers and authority) to transact with you.

The author, Michael Gerber, gives solid advice for actually building a business, rather than just doing the technical work of the business.If you've never seriously done property managment, and I'd consider a handful of properties not too serious, then working at a large brokerage will give you a background in doing that, provided you actually work in that area and don't get roped into answering the phone and being a buyer's agent.

He's gotten into some legal trouble since he authored the book for other reasons, but that doesn't detract from the great content in my mind at least.Good luck!