Moving out of State - how to handle property management?

[Cara Fazio]

I purchased a duplex last year which is currently a house hack.  It has been quite the experience renovating, moving and becoming a landlord! Now, my boyfriend has been offered an amazing job opportunity and we will be moving out of state at the end of the year.  I am definitely going to be keeping the duplex, as the income it will produce far outweighs the equity I have in it currently, but that now means I have to figure out property management from afar.  

My current tenants are great and have expressed an interest in helping me with the property management.  We are going to sit down and discuss it this weekend, but I would like to go into that conversation having an idea of what I am really going to need from them and what would be a reasonable price for it.  

Does anyone have any experience with an arrangement like this with their tenants?

We did a pretty extensive renovation to the house- kitchens/baths gutted, new appliances, new HVAC, new plumbing, new windows/exterior doors and new lighting. I don't expect to have a ton of repair issues (of course I know there is always something!), the appliances/furnaces are still under warranty and I have people to call if I do have an issue (plumber, HVAC guy, electrician and a general handyman). Also, I plan on having the unit I am currently living in occupied by tenants before we move. I have a snowplow service set up for the winter, but I have been cutting the grass on my own this summer so that is something they could possibly take over.  

I am thinking that I would do something with a small monthly rent credit (maybe $100 off?) and that would cover grass cutting in the summer and a certain amount of their time on a monthly basis if I needed them to let in/supervise the plumber or handyman.  After that I would compensate them hourly if for some reason there were an excessive amount of things for them to handle during one month.  

Does this sound reasonable or am I crazy for entertaining the idea? Would love some feedback! 

[Nathan Gesner]

If you think it's expensive to hire a professional, try hiring an amateur.

I think you're making a mistake. You would have a tenant in charge of their own unit, which is a recipe for disaster, and they may completely suck at managing the neighboring unit. It wouldn't take much for this entire situation to go bad and end up costing you a lot.

If the two units rent for $2,000 a month then a property manager will cost around $2,400 a year. One bad tenant can cost you twice that in just a few months. Pay for a pro that can protect your investment and give you some peace of mind.