Advice on Starting a property management company

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I recently was introduced through a friend to a owner of a property management company in Philadelphia pa. After talking to him for an hour or two I found him to be very knowledgable in the property management industry and after hearing his success story of starting his business while attending college I have become very intrigued and would like to begin gathering some data and a business plan to become my own pm start up.

I would of coarse try to start local by opening an llc and becoming fully insured while maintains my current full time career in the banking industry .

Can this business really be entered with very little start up cost ?

What are the requirements to own and operate a pm company in nj ? Real estate license etc .

How competitive would you say this industry is ?

What are some obstacles I may need to over come ?

What software do you recommend ?

Also please share your stories .

Any advice or help would be greatly appreciated. This start up would most likely be about two years away.

Thank you in advance .