Now if I see a rental I'd be interested in, that isn't leased by a property manager, I call every time.4) A family member of someone I know passed away, and left them with a condo.

Typically, it means a building that was built within the last 10 years would have an A-class rating, however, there are the exceptions where you could have a building that was originally built in 1923 but renovated last year, practically rebuilt, and so long as it has all the other attributes of an A class building, it could qualify.

I would be kind of shocked if they answered, "I'm an office manager." I

Thanks Josh, although there was not a direct connect to BP, however I can say that I have learned a great deal, and have made some great connections that have not only educated me, but encouraged me, all attributed to BP.That is why I want to put this kind of info back out there.

Personally, I go a step further myself looking at the old mager's internal rate of return considering what managerial contributions will be needed as well.

The operating agreement should spell out each of your duties and responsibilities, both financially and managerial as well as all the legal like if someone dies, if someone commits fraud, etc..

Depending on what rentals you are investing in, you definitely want to have a good property manager. I

@Rachel LuotoGood question, I share your pain and fully understand the predicament at hand.Yes, I too faced the same situation as a New Yorker and decided to take the road less travelled and invest in Atlanta.However, Adam Bartomeo also has a point and you can extend your search beyond Washington to the States bordering it and move outwards if necessary.Frankly, this type of investing can be challenging, but, equally rewarding and it allows for scalability of your funds.I personally manage my out of State holdings, because of my skills and capabilities, but, you have to think of engaging property management if these attributes are lacking on your part.

One thing that I learned while investing in the stock market which I can justify attributing also to Realestate is the saying, "don't chase the bus.

One key attribute to your success that you may have glossed over is your ability to be "flexible".