Owning a 3rd Party Property Management Business

[Walter Chung]

Does anyone have any experience having owned and operated a 3rd party property management firm?  At the smaller end (ie <500 units managed) it seems like a competitive, low-margin business where you are essentially buying yourself a job.  But for firms that manage 1000+ units, it seems there may be enough scale to make that an organized business with systems, processes, and employees.  I've been kicking around the idea of buying an existing 1000+ unit property management firm for a while so would greatly appreciate any and all input.  Thanks!

Walt (Los Angeles, CA)