My friend's father (Say, Mr. X) in India had invested in a piece of land long time back. Two years back, he sold that land to a real estate builder. The agreement of the deal was the following:
"The builder shall pay Rs.25 lakhs (approx $40000) to Mr. X. In addition to this, the builder will construct 50 apartments in total on that piece of land. Out of these 50, he will give 20 to Mr. X free of cost".
The construction work will be finished soon and Mr. X will get the possession of those apartments by early next year. He doesn't want to sell them as he is not sure how to invest the amount generated from the sell. Bank deposit is not an attractive option. In addition, selling all of them will lead to huge amount of tax. The only option is to put all of them on rent. But Mr X is getting old and he is not in a position to handle the tenants on a regular basis. My friend lives outside India. So, he wants to know: "how to manage these 20 apartments?"