House hackers: how are you managing your property/properties?

[Zach C.]

Hello BP community, 

I did some research prior to posting this question in addition to reaching out to property managers in my market.  I've been house hacking a few houses for 7 years now (before I knew of the term "house hacking") and have been managing my own properties during this period.  Recently I've been exploring the option of having professional management take over the selection of tenants and management to free up my time.  I read in prior posts that some prefer to manage their house hacked properties while others prefer to have professional management take the reins.  A few questions pertaining to this.  Feel welcome to respond to just one question or multiple as they apply to your properties and experiences.  Feedback is very much appreciated in advance. 

1. If you currently house hack and have decided to manage your property/properties yourself, what made you choose this option?   

2. If you currently house hack and have decided to hire professional management to manage your property/properties, what you made you choose this option?

3. If you're using professional management, have there been any hurdles/difficulties?  Expectations met or unmet?  

4. How do property managers select and lease up tenants for a property this is being house hacked?  Single lease (i.e. group of 3 renters signs a lease) or individual leases for each renter?  

5. Was it difficult finding professional management for your house hacked property/properties?  The few I've spoken with mentioned it's not something within their wheelhouse and they prefer single leases for each individual unit.  With that noted, I know it's pretty popular in college towns with student housing. 

6. How much (as a percentage of gross monthly rental revenue) do property managers charge for properties that are house hacked?  Less, similar, or more than non-house hacked properties? 

7. Are the rents and utilities billed separately or combined into one monthly rent payment (for efficiency and less confusion for the tenants)?   

8. Are there any other things that should be noted, whether positive or negative?  

9. Unfulfilled amenities, services, and/or desires for managing house hacked properties?  I.e. "nice to haves"

10. Anything additional to take note of that's not mentioned already? 

Again, thank you all for your feedback and sharing of experiences!