Q: We are purchasing rental properties in Arizona, and we live out of state. I was told by a real estate lady, that anyone who owns rental property within the state, while living out of the state, is required to have a management company manage the rentals. Do you know if this is true? If you do not know, do you know where I find the correct info out? Thanks for you time.
A: I have no idea is having a local address is a requirement to owning rental property in Arizona. If that’s true, it would make it unique among states. I have never heard of this requirement before.
But don’t just take this real estate agent’s advice. Check it out. Call the Arizona department of Real Estate and ask for a list of rules and requirements of landlords. Also, call the local municipality in which your property would be located and ask for the same thing.
Jan. 1, 2004.