Long Distance Landlord - Avoiding Management Companies

[Matt Cianci]

We are a group of investors from NY, NY, TX looking to buy a duplex in FL. Many of the deals we evaluate are showing 7-8% cap rates, which works well for us, but once we stick a management company fee on there it is wiped away. My only property I own is also in another state, but my partner lives local and is able to drive to the property as needed when something goes wrong.

What are some things we can do to avoid paying a management company? I've thought about finding a local handyman I can leave keys with or even just replace the lock on door with a keypad to avoid lock-outs all-together, for example. But what might I be missing here?

Thanks!