The property manager will be involved for years, and they want it to be something easy to manage.

I also wouldn't be involved in day-to-day operations onsite.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

If you want to scale, it likely won't involve you running your own renovations as a GC.

Ensure that the savings from the new loan outweigh the costs of the prepayment penalty and any closing costs involved in the refinance.6.

I assume there’s no realtor involved or they’d be upside down.

Because first and foremost it requires you getting INVOLVED, putting in some rep's, and if you won't get involved and won't put in the rep's you will never, I repeat you will NEVER succeed in investment real estate or any business venture EVER, full-stop. 

My eyes used to glaze over when my hubby tried to explain it back then, but now he has my FULL attention on this topic.I definitely think it is a big risk BUT the potential rewards are so vast that I think it is crazy not to dip a toe in with whatever amount you are comfortable gambling with.We saw our light coin investment almost triple in about one week...nothing else I’ve been involved in gives those kinds of returns so quickly.

I won't ever close on another OOS property without walking it first but that involves paying for lots of flights and hotel/rental car costs if flying out there to make an offers but the $1500 to $3000 would be worth the cost to me to save on future headaches. 

And treat this as 1/5th space as a rental.Or down the road, would it be better to have the entire property (home & garage/room) rented out to everyone involved and the property become an investment property.