In sending me links to potential primary residences, my agent sent me a property that’s on a double lot and in distressed condition.  

@Steve Smithhttps://www.journalofaccountancy.com/issues/2023/sep/passive...Basic JoA article for bedtime reading.... 

However, this risk needs to be weighted against other risks of managing properties remotely since doing it from ON has its own issues (can't do even smallest of repairs on your own, can't check on the condition of the units, can't even show them to tenants in person to evaluate those tenants when you are first renting to them, etc).

-Do you for-see any issues for me?

You have used it on bathroom floors and have seen no issues yet? 

There is an abundance of supply, high price tag, it's more of a corporate travel town than a vacation destination (meaning that 1-2 bedroom units are in most demand, which puts you squarely in competition with hotels). 

The way I got around it was I had capital that I could use to payoff the load and then the bank issued a new loan for the BRRRR amount, which I then got my capital back plus the additional capital based on new ARV.  

If you're just starting and don't have time to deal with a lot of potential issues, turnkey is a great way to get the ball rolling.

If that's an issue then that may get the sellers to do what you want. 

Be up front with them about the issues and see if you can make a deal.