Introduction/ new to RE investing and have some questions.

[Spencer OBrien]

I have been yet another lurker for some time now and I must say thank you for all of the great advise. This site and the podcasts have been huge resources for me. I live in Oak Harbor, WA and acquired my first condo this past August. My wife and I plan on buying one buy and hold investment property per year either here or in Texas where I have family. I do have some questions for you guys though.

1. Should I be using a PM? The condo association takes care of the exterior, roof, ect. and I am wondering if it was a mistake to use a PM. I rent for $1000/ mo and after their fee it's 900 that deposits into my bank if there are no expenses. Is this a waste of $100? The condo was built in 2007 and is in very good shape. My biggest worry and the reason I used a PM was because I figured if it took me one month longer to rent the condo, then it would have payed to have them place someone sooner (it only took them one week to rent it and this is the highest rent in that building).

2. Another worry was whether I would set up a legally binding contract with someone in the correct way.

3. How do you manage going on vacation if you don't use a property manager if the tenant needs something fixed?

4. If i decide to go away from the PM, is there typically and fee for the work of getting the lease signed?

Once I buy property in Texas, I do plan on using a PM as I won't be close enough to do any repairs anyways.

Sorry for the long initial post and thanks for the responses in advance.