Looking for OOS Property Feedback- Considering Selling

[Manco Snead]

Greetings,

Bought my 1st OOS property (duplex) 1 year ago. Made some mistakes; it needed more rehab work than I thought and I didn't verify rent paid by existing tenants and it turned out one wasn't paying. And I chose the wrong agent. First PM was horrible; fired them after 6 months. I considered selling then, but knew I'd lose alot with its condition/non-paying tenant. 

Second PM has been a bit better, but not by much. Both tenants moved out; a good thing. I've had to coordinate all the rehab/turnover work as after I signed with second PM I saw they were dragging their feet and finally they said they weren't set up to rehab distressed properties. So I coordinated all the work, which sucked. Finally it's now rent ready with one tenant in. 

Once both units are filled it will cash flow well, but everything with this PM is a hassle and I don't feel they're really looking out for me. Not sure I want to deal with this for the next 5 or 30 years and am considering selling now that it's in good shape. PM options are limited and I don't see a better option. Anyone been through this? Ideas?

[Sam McCormack]

@Manco Snead

Instead of putting out fires, you should start with a way to vet your property management company, agent, etc. You will be constantly putting out fires without any sort of system. Document how you want your system to run, and make tweaks and changes as you go to be more effective. Also, have landlord and tenant fill out an estoppel form to make sure you're on the same page and to avoid that. Realistically, the listing agent should have told you that at some point. I would recommend reading "Work the System" by Sam Carpenter. This will help you make systems moving forward and avoid putting out fires