Owner Risk with Property management

[Danny Spinucci]

Newby here looking to buy my first investment property. I'm interested in purchasing a small multi-family to build up my cash-flow. I am looking to invest out-of-state (New Hampshire) and hire a property management company to help with the basics: marketing vacancy, tenant communications, lease agreements, maintenance etc. For anyone whose seen success with this approach, what liabilities or risks have you seen as the property owner where the PM company could not help with? I have only heard from close friends & family how terrible tenants are - I assume a PM company will resolve most conflicts, but understand that some issues may arise that needs to be handled by the owner, any examples?