Property Management Cashflow question

[Jef A.]

I have a property and i hired a property manager to deal with it but i dont see how this scales well. Lets say i have a property that i am paying $1100 a month in mortgage. I am asking $1400 a month for rent. I hire a property manager and they charge 1 months rent to find a tenant and then 8% of each months rent in fees. My mortgage expense per year would be $13200. My rent cashflow would be 16800 per year minus 1400 for tenant placement fee and then minus 8% service fee that leaves me with $14168 in pocket from rent. So ultimately i would have around $968 of profit for the year. However this does not take into account repairs, HOA fees, insurance, vacancies, etc.... what am i missing here? I dont want to manage the properties but hiring a property manager is expensive. this doesn't seem to scale well if you have a number of properties and repairs. I couldnt see my self not working and living off of this rental income considering an unexpected expense could put me in a bad situation.