In fact, I should be working right now, but I need a diversion or risk loosing sanity altogether :D  "Waiting for the time when I can finally say that this has all been wonderful, but now I'm on my way.  

Great for my mother & father in law, however my wife and her brother are both married now and their spouses, me included, would loose out on what was our spouses property.Her parents could be looking at this as though I am in it for the money but really we want to separate from the family and invest in another property that will a) not be managed by my mother in law and b) will be in a better market than Dewey Arizona.

Check all decks for loose boards, railings, and stairs.?

Scrape loose paint.

That property would sell for in excess of $250,000 here via the MLS and probably more like $500K depending on the exact location.BP can't tell you if it's a good deal or not for your area unless they know your area.

Here's an interesting tidbit about "first and last month rent": in Ohio, collection of a security deposit in excess of the rent (i.e., a deposit plus "last month rent") requires the landlord to pay 5% interest to the tenant, paid directly to the tenant annually.

Or if other self managing people would consider this an excessive waste of time.

In some ways it's easier and cheaper to open a probate for excess proceeds in California as some personal property probate actions (as opposed to real property) can be less complicated.

IF all goes to my loose plan in the future..

The mutual goal is to not loose the property and be able to pass it onto family when we're done.