Property Managing while keeping a W-2 job

[Travis Dawson]

Hey BP,

Interesting opportunity came up for me last night and I wanted to get an outsiders prospective on it.

I was talking with a friend last night about the Duplex I am closing on later this month and touched a little bit on my future real estate goals. She brought up that she would be willing to let me manage her real estate holdings (one SFR and one Commercial building with 4 tenants) as she is starting a new business and doesn't want to deal with them right now. I told her I would consider it.

Things to note:

Idaho is basically the wild west when it comes to property management laws. I don't need a license or any kind of certificate.

Snow removal is paid for, but I would be responsible for mowing a very small lawn at the commercial property.

I work a 40 hour a week job and cannot give that up at this time.

Because she has other ventures the commercial tenants are used to not getting their needs met day of. Honestly, if I responded to their needs after the work day it would be fast than the owner has.

I don't currently have an LLC, I would need one.

Ultimately I think this would be great for me, its an extra, albeit small, income stream and the experience would help me decide if this is something I want to do going forward, Plus the added knowledge gained doing the work should help me regardless.  But I am curious about any downside I might not be thinking of.