Moving the home also isn't really practical at this price either.

I am particularly interested in sharing know-how's on residential real estate, rental laws, book keeping practice, and property management best practices.

Some homes are less work than others, for sure, but it is impossible to know know this up front, so a flat fee , or a percentage of the rent seems like a fair practice.  

Didn't know if this was a common practice.

I am looking for a person/company that is property management driven rather than a secondary business to their agency or other investing practices.

*A month to month lease is an option as well- keep in mind that raising the rent after a lease has ended is common practice.

I recently received a lead from Craigslist and the seller is motivated to sell because he has to relocated to another state.

I know am not in the best position to advice you on because am from a completely different region, west africa to be precise but i do know each state in the United State has its real estate guidelines and requirements and of course you need to sit and pass the real estate exams for agents of the state you choose to practice before a real estate agent license can be issued to you.

Maybe we'll cross paths when I relocate.

Common pitfalls are poor underwriting, poor risk assessment, being over zealous, sacrificing prudent lending practice to gain an edge on competitors, no take-out for you loans, lack of available capital, over-promising borrowers and not delivering, improper loan documents or the absence of material docs.