At the very Owning rental property with an outside property manager is a long term investment with a small quantity of units (about 18) that will allow you to demand regular income and expense reports and have an electronic method for rent deposits will minimize your need to travel.  

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Quick update...After hours on the phone with the bank who had no info, they did, however, tell me who the 3rd party asset manager is.   

(I don't make much and I live in the Inland Empire in California) Its not easy to find properties in that price range let alone multi-units in that price range where I live.Now I partly attribute some of my success so far on being in the right place at the right time.I made several offers before actually having one accepted.

Just talking to property manager is not enough.

You would also be instantly loosing money if you choose to hire a property manager. I

Property manager I just met charges half first month's rent to find a tenant.

If it's not purely an investment and maximizing cash flow is not your goal, then a manager is probably not a bad idea. 

Fortunately I don't deal with it, that's what my property manager is for.

We received a full payout of the loan balance following the trustee sale.Investment Summary - ForeclosureSanta Clara, CA Investment Type: Non-performing 2nd mortgageProperty Value: $800,0001st Mortgage Balance: $545,0002nd Mortgage Balance: $80,290Note Purchase Price: $37,140Expenses: $618Proceeds from Trustee Sale: $80,290Cash-on-Cash Return: $42,532 or 114.5% in 8 monthsWe believe this outcome is attributable to our extensive research process and detailed due diligence during the note purchase process.