Anyone do their own property management?

[Mel Park]

I've owned (2) rental townhomes for 8 years - I've used a property manager and I've never once had any problems.   However - - now, this won't just be a 'side' investment, I am out of my lifelong business career - - and real estate investments will be a key part of what hopefully is my investment path from now on.     About me: I have NO knowledge in home maintenance. None, zero.   Eventually I am hoping to buy 4-5 units - could be townhomes, could be Single Family.  Metro areas.   Lately I've been wondering - could I do it without a property manager and I'm SURE there's things I'm not thinking of. My thought process:

*Advertising the rental. Learning how to take good pictures, and advertising on the proper sites. 

*Tenant screening: Credit report.  Landlord reference. (Preferably even a non current landlord. Skeptic in me worries if a current landlord would give a good reference to a bad tenant, just to get them off his books?)

(In my previous business - for 20 years I had a staff of 40. Hired people from all walks of life. Was involved with direct retail selling, every day and had to evaluate credit reports daily and at times, make judgement calls about selling to people - - and then getting them approved after the fact....rarely made a bad call. )

*Rent Collection:  Just make online payment a requirement?  I'd rather not knock on doors for rent.  

*Maintenance: Is it customary to put a deductible in - say $100 per incident?  Point is not to get calls for a light bulb going out. 

(For normal stuff - I've ALWAYS told my property manager to get it fixed, get it fast and right. Keep the people happy. I don't think twice about replacing a washing machine for instance. ). Point being - my property manager merely calls a plumber, electrician, whatever - he doesn't repair it himself -- - so why can I just cultivate relationships with handymen?

*Turnover:  I guess that involves collecting keys, changing locks, walk thru inspections - and then doing clean ups, carpets, paints as needed?

FEARS

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I plan to stick to somewhat nice areas, not too downscale. I'm fine with slightly less ROI if it means a better credit tenant who I sense won't be a problem or abuse the property. Point being - if I start out with a decent tenant, I"m responsive to maintenance problems and don't cut corners - I'm HOPING to avoid angry tenants - - hopefully that is realistic.

*EVICTIONS:  I can't imagine having to go kick someone out of their house. 

*TOUGH CUSTOMERS: From McDonald's to the Four Seasons - all businesses have them - people who just are never ever happy.  After selling my businesses, I'm sort of sick of that after 20 years :) .  Am I realistic thinking that most tenants, are fair minded as long as I do all I can to uphold my end?

*SAFETY:  These days, people are nutty.  Am I too paranoid thinking that if there's a problem collecting rent, and I have to tell people to leave....they'd come after me personally?    Think of all the  workplace violence - why would this be different?

I keep doing the math..... if I own 5 units@20,000 gross rent.    By the time my first kid starts college, I'd save $50,000 in property manager fees.    For a 46 year old who is sort of retired - - $50k is a nice bonus.

Any thoughts, positive or negative I'd really appreciate. Thanks.