12 month property management for a friend

[Ben Marshall]

I'm a former cop-turned Realtor who has a police friend who is temporarily moving out of state since his wife landed a nursing residency program. So, for the next 12 months, he want's to rent out his house to another friend...but he's unsure if he should use a property management company for this set up or if he should deal directly with his buddy to make sure the mortgage and everything else gets taken care of. I'm a Realtor with little experience. While I don't have any property management experience per se, I'm thinking there's opportunity here for everyone. I could offer to manage the property - for a discount or even for free(?).

1. because he's a close friend.

2. since the new tenant is also a close friend, and fellow cop, issues should be minimal.

3. this would give me "official" experience in property management.

4. There's potential opportunity with the temporary tenant after the 12 months is up to be a buyers agent to find him a new place.

5. I would have an awesome reference from the property owner/friend since I did him a solid.

Thoughts?

[Nathan Gesner]

Quote from @Ben Marshall:

Consider the pros and cons, then make an informed decision.

PM is pretty easy . . . until it's not.

A friend will be easy to manage . . . until they're not.

Your cop friend will appreciate your service . . . until he doesn't.

Your close friend will be a great tenant because he's dealing with a friend Landlord and a friend PM . . . until he isn't.

I've seen great friendships, and even family relationships, be torn apart over something minor. Make sure you know how to keep business and friendship separate in case things go sideways. Odds are really good that this will be an easy gig, but there's a chance it could go sideways and you need to be prepared to deal with it and risk the loss of two friendships.