How passive are passive rental properties?

[Kalen Jordan]

I'd love to hear from people that have done a significant amount of rental property investment with property management.

I know that in theory you don't really have to deal with much since you're paying for property management, but I'm curious if the reality is different from the theory.

I'm sure it has everything to do with getting good tenants and good property management.  And if/when I invest in a property I would be planning on doing a ton of research to make sure that I pick a good pm / tenant.  And I'm sure even so my first time around I'd do some things wrong and learn some lessons.

But really what I'm wondering is once you become experienced in this and get to the point where you have 10 or 20 rental properties, and you have a good property management company and good tenants - how much of your actual time/energy are you spending dealing with things?