Concerning Property Managers

[Bob Starlin]

Good day,

I have a question regarding property managers (not self-managed).

Please forgive my ignorance, I have always cared for all of my own properties in the past, whether single family or duplex/triplex units. They were never that far from me and I wanted to save the money, until, it got it something I knew was beyond my capabilities.

(also, please forgive my long-windedness, I tend to ramble)

Anyway, my question concerns the professional property management process (2 parts actually).

1) I understand about interviewing and vetting a property manager (Due diligence in everything). So, when you find one and decide to go with them. How does the handoff process work from an existing property manager (if there is one)? If there are existing funds do those funds go to the seller of the property or are they considered part of the business? regardless, as I understand it, the tenants will be notified by the new manager of how and where to make their payments. These payments are then processed into an account held by the management company until some agreed on reserve level is met (including fees) and then the over amount is sent to the new owner (me). How are those funds held so that they don't disappear to the Carribean with someone from the management company? 

If that sounds ok, that's fine, I get how that works.
But, let's say this manager turns out to be... not so wonderful.

2) For whatever reason, I need to get a new manager. How do I implement the transition? Go in, tell the old company, sorry, it's not working out, it's not you it's me ;) and so forth and a new company will be taking over on such and such a day (immediately?) What requires them to handle maintenance requests during the transition? How can I be certain they transfer over my money or don't get snarky with the tenants or what not?

Well, this has devolved into a mess. I hope you can get something out of this diatribe of what I am driving at.
I may re-write it again to clarify later. I thought when I sat down I could make it clear, but looking now, meh, not so much.

Anyway, thank you for your time.
Have a great day.