You should have someone local who can drive by to check on the property, respond to emergencies, conduct regular inspections, etc.

The first hurdle was convincing them to leave via cash for keys.

I had been insuring at $350-$400 a square foot value the last year or two

My other tip is this: don't look at real estate (primarily) as a source of cash flow.

(considering the longevity of the foundation, NO comparable, etc.) 

What are the pros/cons of this?  

The other townhouses in the complex and area are over $650k for the same size and square footage.

Hello, Although I have heard of this site before, I am just now getting my feet wet on the platform.

So far with the properties that have looked promising we have utilized the calculated NOI / Cap rate to determine the value and every one we have done has come up way lower than the asking price and in one instance came up less that what the current owner paid for the place initially.

God bless all those who are helping and all those still in peril, you are mountain strong and you WILL MAKE IT.This post is my intent to document and get others opinions on what rental/vacation property owners can do.