It depends on your interest and the level of involvement you want to have and the time it will take you to learn.1.

@Ilidio Cardoso - I think you missed the point here in my question.There is no bank involved here...We are the bank as we own the note.

We are also interested getting involved in wholesaling out in the Inland Empire so I am still doing my homework.

@Alexander Vasquez I dealt with this earlier in my career and I just made sure I was the most prepared I could be from a knowledge and market perspective when talking to more seasoned investors or just in general when I spoke to older people who were involved in real estate.  

Purchase price: $450,000 Cash invested: $1,500,000 This project involved renovating an old commercial building in Oakland into five live/work condominiums.

@Alex Craig even laminate on top of carpet padding is odd

Considering there are many safe construction loans out there, do you really want to get involved with this?

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

We want to help him keep his property in good shape, but are a little worried that there are serious health risks involved for our family if we stick around, without some serious efforts at remediation.  

I am located in Queens and while I am in the Kingston area once every other month on the weekend, I would love to connect with those actively involved in that market from down here.