I've always felt I set the expectations and managed the relationships with renters well since I was right there in the unit and could notice right away if something was to go wrong - thankfully because of all the people I interview to find the right fit before accepting a tenant, I've had nothing but great experiences with all the tenants thus far.Now that i'll be in another state and won't have the easy access and convenience to check on the property frequently (aside from the help of my parents who will be the de facto property manager as they own and manage their own rentals as well), what sorts of best practices can you recommend to help mitigate the risk as I transition from a house-hacker to an out of state investor/property manager?

@Rachelle R. and @Alberto De jesus Thank you!

@Alexander De Arcos You can find some wholesale contracts here:http://www.biggerpockets.com/files/category/contra...Just keep in mind they won't necessarily be written for Nevada.

Listen to it a couple of times, it really helps you to understand what's required and the pros and cons.Also look into setting your LLC in states such as Delaware or Wyoming for maximum protection.

@Mark GrazianoIf you are just looking to purchase a single buy-and-hold there are easier/cheaper ways to look for or market for a deal than buying a list and doing direct response.Scour the MLS and run any/all houses that look like deals through one of the many calcs available here (I like Wendell De Guzman's).

I went to an investor meeting last night and got to meet some of the BP members and successful producers in person....Wendell De Guzman was the guest speaker, and for FREE he shared his incredible wisdom, tips, tools & advice for success in Wholesaling.  

so here's the situation: My parents (living in DE) have a house they want out of.

I own a house close to the DE boarder just north of Wilmington.

I would expect a few in the area though I have not specifically checked.Are you mostly going to be investing in PA or will you be looking at the Wilmington DE area also?

Hi @Lee David, if you ever decide to sell your rentals you might consider reinvestment into DSTs (Delaware Statutory Trusts) which are an option for accredited investors that allows them to defer their capital gains tax and quit being a landlord.