How To Delegate Property Management?

[nexus]

assume: multimillion dollar portfolio moving from HCOL to LCOL and exchanging along the way.
We are willing to pay our children or their spouses for managing things

1) what laws/what keeps us from doing this now?


Current prop managers -

• Sloppy on income/expenses
• wants to overlap rent received vs rent timing (means double paying taxes)
• Has a conflict of interest with repair person
• Wants all expenses through them w/o oversih[/li
  
  • Lack of transparency
  
  
  
  Guys I'm listening to the clussterfuck of my in laws and wondering how this is legal or sane. They are being robbed... worse that 1+% advisor fees.. worse than fees for non-real estate stuff 
  
  Anyway, how do I become a property manager?

[Sibley]

Sounds like this is your in-law's properties. Do they want you to be their property manager? If no, then encourage them to find a different property manager. But it won't be you.

Otherwise, there's tons of resources out there about how to manage rentals. The real estate section here to start with. google will produce thousands of pages I'm sure. Bogleheads probably has a bunch. I know I've seen stuff on Reddit. Start reading.

[uniwelder]

Sorry, I don’t understand the situation. Who owns the properties- you or your in-laws? Who do you want to manage them- your kids or yourself? Is the idea to sell the current properties and 1031 exchange them for property in a cheaper location? Does anyone live nearby the current or future location that is interested in managing them?

[Villanelle]

I agree with those who are confused.  It seems like maybe you cut and pasted some of this, since your post comes from a couple different perspectives.

[Chris Pascale]

Sounds like you're in the middle of something rather frustrating and have no control over it, but have a vested interest since it effects family and potential inheritance.

My advice: Since they built it and aren't asking your advice, just love them and leave it alone.