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I have never been in this situation, but I would think there's always the chance that even a great tenant might not be so great if they are aware there is no one locally who has the ability to check up on things. Not that they would suddenly turn into awful tenants, but how can you really trust a stranger's info on how things are? A PM can physically see your property, and let you know if there are issues. I would assume they would be inspecting at reasonable intervals, and reporting to you?
I was an out of state landlord for a year and I will never do it again. Tenants do not take care of your property the way you do. There are also tax implications. The best advice I can give you is to do annual inspections of the property. Good luck!
I see no reason for you not to give it a go to do this long distance, with a list of trusted maintenance people locally. That's what I would do.
I was a property manager, and my daughter hired one to take care of a property for her, and it was a very expensive nightmare. If you've already got good tenants in place, and maintenance people you can call, and you can trust the tenants to let you know about any issues that could be expensive down the road if left untended (like leaking water under the sink, etc.), then go for it.
You can always change your mind later.
I was going to suggest using Paypal, but sounds like you have the online rent thing worked out. Very convenient and tenants love it.
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