We are wondering how we could best maximize our return on the property- either by partnering with a developer to eventually share returns or hiring a developer/general contractor/house builder ourselves and managing the project ourselves. 

So I'm familiar with managing rentals (even remotely, as I still helped during college) and am hoping to get a good cash flow rather than appreciation. 

You have no obligation to communicate with them.

The lender is not required to include this contingent liability as part of the borrower’s recurring monthly debt obligations provided the lender obtains a copy of the applicable loan instrument that shows the borrower’s financial asset as collateral for the loan.

I am managing the triplex remotely and have come to bigger pockets to look for tips and tricks.What have been the main challenges that anyone else who manages long-term rentals remotely have come across?

I am an out of state investor, so I relied on my ex-property manager to do their job, however they were gross negligent.

Ken, I own and self manage approximately 200 doors in Lubbock.

I am in the process of exploring property management companies in Dutchess County, New York, and I’m reaching out to this knowledgeable community for recommendations.

My property manager advised me to keep rent below $1300.

I can also share the local contacts I have made in the past decade for all the services you will need if you decide to pull the trigger ie: Notary, CPA, Real Estate law firms, photographers, property managers, financing, developers, etc.