12 month property management for a friend
I'm a former cop-turned Realtor who has a police friend who is temporarily moving out of state since his wife landed a nursing residency program. So, for the next 12 months, he want's to rent out his house to another friend...but he's unsure if he should use a property management company for this set up or if he should deal directly with his buddy to make sure the mortgage and everything else gets taken care of. I'm a Realtor with little experience. While I don't have any property management experience per se, I'm thinking there's opportunity here for everyone. I could offer to manage the property - for a discount or even for free(?).
1. because he's a close friend.
2. since the new tenant is also a close friend, and fellow cop, issues should be minimal.
3. this would give me "official" experience in property management.
4. There's potential opportunity with the temporary tenant after the 12 months is up to be a buyers agent to find him a new place.
5. I would have an awesome reference from the property owner/friend since I did him a solid.
Thoughts?