That's the technique and exit strategy I want to master.

The traffic master and allure products have both held up extremely well over the past 4 years even with pets in the units.

----Here's the scoop----The seller wants the following:Price: $400,000Down Payment: $50,000Master Lease term for 3 years with an option to buy at $350,000 and the option to extend the master lease for 1 yearAfter doing our due diligence, we have concluded the following so far:Property needs about $30,000 of must-do repairs plus about $3,500 of basically necessary cosmetics for marketing purposes, so:Repairs:  $35,5000Vacancy: 6/10 units are vacant and one tenant has been served an eviction notice, so basically 7/10 units are vacant.

While you have mastered a lot already, only you can decide what is best for you. 

I  thought perhaps to whole sale the properties, probably one at a time and tell the owner up front I will not be purchasing the properties but could find her buyers and reduce her hassle trying to get rid of the portfolio...orMaybe a CFD or master lease possibility on the properties and then try to refinance in a couple years for myself.  

I'm the kind of guy who likes to play things close to the vest, and I think I'll keep it to myself for now that I want to sign a win-win master lease with them and replace their management company - maybe not mention that I'm a resident at a property they own - maybe just introduce myself and see if they have time to answer some questions from an aspiring real estate investor.

I agree with the above comments.One addition point, about insurance: HOA communities have master insurance policies, but there are deductibles and limits as to what's covered.  

Not only will this give you peace of mind about an area you are now a little more familiar with, but the people you add to your team (boots on the ground)  look at you as a serious investor, and not just a "puppet master" from a distance.I have NO DOUBT there have been successful investors who invest OOS and have never set foot in the state, but IMHO, I don't believe it's the smartest of business decisions.  

@Krystopher Ferdinand, you might consider Masters Realty.

All:My good friend (and business partner) and I master leased a college student rental property with an option to buy about 3 years ago.