The only ways around this that I can think of is with a local investment partner (which would be fine if you trust them) or a property manager, which cuts into your cash flow quite a bit.Similar to Andrew’s response, I’m just buying time, learning as much as I can about real estate, and keeping myself open to opportunities outside of real estate.

Usually just means it's not arms length (within a family, divorce,trusts, etc), so it's not considered for comps on area tax valuations.

I will go by on my way to work and check on them and check on them after work (sometimes at lunch), but generally the people that I work with have my cell and call me if there is a problem.I haven't see my insurance agent in a few years, I have an electrician I have used for years, and same with a plumber,,,they aren't the cheapest, but they are honest and I trust their judgement, if they have an issue at a property they just call me.Most of us you have to work full time to be able to continue to qualify for loans,,,I have discussed cutting back on my fulll time schedule in 2014 to spend more time with my rentals, and possible a flip or two.andy

My first word of caution would be to be extremely careful if you decide to buy a place with your friend.

We have been buying investments since 2008 and have built a new business around managing our own properties cause I don't think I could trust anyone else to do the job.

Having said that, I agree with most of the other replies in that L.A. has an extremely high cost of living, California is not a business friendly or a landlord friendly state, and the real estate investing competition is extremely high as well (for both small time and big time players) .

I don't trust that.

Chris,I know you don't want to go to Pittsburgh, but there is an excellent real estate investor lawyer named Brad Dornish, he has rental properties as well, is extremely knowledgeable and reasonably priced.

This is not legal advice, but one alternative is that the loan documents simply give him a limited power of attorney to sign the deed in lieu on your behalf if you default (rather than you signing and him holding deed in trust).

But I think, think, it might be cutting a path right down the middle between the two extremes.