Advice on hiring Property Manager vs doing it yourself

[Trevor Alexander]

I'm converting my OO residence to my first long-term rental property. Advice/pros/cons on hiring a property management company or doing it myself? Cash flow will be approx. $1,000 without accounting for property management fees or repairs. The house is only 1 year old. Going rate for property management fees where I live are 8-12%.

My main concern are doing upfront tasks myself (running background checks, screening, application, proper legal forms, etc.)

I know BP has forms I can buy for $99. Does that have everything you need to place a tenant and then from there it's just fielding calls and performing any repairs as needed?

Appreciate any insights!