Even if you hire a property manager, read all the posts concerning problems with property managers.

Your first concern would be to see if the land contract can be paid off before the maturity date.

Depending on your financial picture it may seem like a lot, but you're opening yourself up to the likelihood of losing MUCH more than $6K as a landlord with this property.I'd cut your losses and move on - a $6K loss is not worth becoming an accidental, out-of-town landlord!

I actually have a hard copy in my office to read through every now and then when I had concerns of what my landlord was doing and if it was legal.

Also a realtor told me its illegal to profit off of people by stepping them through the loan mod process, I think perhaps thats just for realtors though...I got someone whos done dozens of these home mods if any of you are concerned, I say this because I know theres always someone who will jump on you lol...If theres no regulation, how would I charge for the service?

Lucy Rowens,Someone has figured out how to get our email address from this site.I've been getting emails concerning RE, and this is the only RE site that I have ever posted on.Raymond

I'm mostly concerned with tenant placement.

If they bring you a buyer, agree that all future dealings with this buyer will go through them so they don’t get cut out of the deal in the future.

Then its "your money" as far as the HML is concerned.

There may be some tax concerns with the $52k gift, but sooner or later they will have to be paid.