I am using one to purchase a 6 unit here in Cicero, IL right now, so I am practicing what I preach!

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

ACH withdraws are a common practice to help secure payment and take the head ache of remembering to pay it your self.

Not sure if my question is visible, but the numbers are super rough because I am practicing the analysis.

Long Distance Real Estate Investing By David GreeneOut of State A Practical Guide to Long Distance Real Estate Investing by R.M.

My practice is mostly in the area of RE (State Board of Legal Specialization is the only authority that can permit a lawyer to say they "specialize" in an area of law, which requires fees, exams, and a "pretty pretty please".)Attorney fees are based on several factors that have been thoroughly litigated:(1) the time and labor required, the novelty and difficulty of the questions involved, and the skill required to perform the legal service properly; (2) the likelihood that the acceptance of the particular employment will preclude other employment by the lawyer; (3) the fee customarily charged in the locality for similar legal services; (4) the amount involved and the results obtained; (5) the time limitations imposed by the client or by the circumstances; (6) the nature and length of the professional relationship with the client; (7) the experience, reputation, and ability of the lawyer or lawyers performing the services; and (8) whether the fee is fixed or contingent on results obtained or uncertainty of collection before the legal services have been rendered.Like other professionals that are free to set a market rate, we gauge the highest wage that the market will bear. 

In such a scenario where the fire is public knowledge, if anything goes wrong with the house and the tenant sues you, you have practically no defense.

If all buyers and sellers were fluent in the practice of real estate, perhaps agents and brokers will end up like buggy whip manufacturers. 

I do not believe it is a good practice.

If so buying a place to live is not that practical because of the tremendous transaction costs of real estate.