How Can I Be a Good Property Manager for My Friends Multifamily Property?

Question

Hey everyone,

A
 friend of mine plans to purchase a multifamily property in the future 
and has asked me to be the property manager. I'll be living in one of 
the units while managing the property, but I don't have much 
experience in property management.

I'd love to hear from experienced investors and property managers:

1. What are the key responsibilities I should be aware of?

2. What systems or tools should I set up to stay organized?

3. What are some common challenges new property managers face, and how can I prepare for them?

4. Any book or course recommendations for learning property management?

5. Any legal or tenant-related considerations I should know upfront?

6. Any general roadmap on how most things/processes will play out?

He is also aware of this but trusts me with learning and adapting.

I appreciate any advice or insights you can share!

Gustavo Delgado · Answer

you can't. Too many rules and laws you need to be familiar with and you will ruin your friendship when things hit a road bumps.

Dawn Roy · Answer

Lucas,

A word of caution with the idea of working with family or friends.....DON'T.

You are welcome.

Cheers!

Lucas Hannon · Answer

no hard feelings. Im glad you told me how it is thats how i learn best

Lucas Hannon · Answer

thank you for the feedback!!!! definitely didn't think about any of this so i was glad i came to seek advice from experts. Thank you William.

Daniel Shaked · Answer

Lucas, stepping into property management without experience is a big challenge, but it’s doable if you set yourself up right.

• Know the Law – Texas landlord-tenant laws, fair housing, evictions—get familiar or risk costly mistakes.
• Use Systems – Property management software (Buildium, RentRedi) will save you headaches with rent tracking, maintenance, and lease management.
• Plan for Repairs – Have a go-to list of reliable contractors and a process for handling maintenance fast.
• Set Clear Terms with Your Friend – Define your authority, compensation, and how major decisions will be handled upfront.
• If you take this seriously, it can be a great learning experience—but cutting corners will cost you (and your friend). Best of luck!

Account Closed · Answer

Being a good property manager for your friend's multifamily property involves managing tenant screenings, lease agreements, maintenance, and rent collection, all while ensuring you comply with local laws. Staying organized is key, so consider using a system to track payments and store important documents. It’s important to set clear boundaries with tenants and be prepared for unexpected maintenance issues.

Jacob Heart · Answer

Echoing everything above. This is a massive risk for you with minimal return. One mistake or one litigious tenant and you are cooked.

Felipe Mendoza · Answer

There is a Great Podcast for Property Managers - Evernest Property Management Show - they are very transparent and honest about the business.

William J Anderson · Answer

Lucas,

I just wanted to take a moment to apologize if my previous response came across as too harsh or condescending. That was never my intent. I’m incredibly passionate about real estate and property management, and sometimes that passion makes me come off stronger than I mean to.

The last thing I want to do is discourage you from learning. In fact, I respect the hell out of the fact that you’re stepping up and trying to gain knowledge in this business. Property management isn’t easy, and anyone willing to take the time to figure it out deserves credit.

My concern was never about you personally—it’s about making sure you set yourself and your friend up for success. Mistakes in this business can be expensive, legally risky, and stressful, and I’ve seen too many people learn the hard way when they didn’t have the right knowledge or systems in place.

If I came across as talking down to you, I truly apologize. That wasn’t my goal. I just wanted to highlight the risks so that you (and your friend) can be better prepared. If you’re serious about property management, I’d actually love to help point you toward good resources—books, courses, or even personal experiences that can help you avoid some of the common pitfalls.

At the end of the day, we’re all here to learn and grow together. If you ever want to talk shop, swap stories, or discuss strategies, I’d be more than happy to. Again, my apologies for the way I came across—I only meant to be helpful, not discouraging.

Looking forward to hearing more about your journey, Lucas. Wishing you success in whatever path you take in real estate!

Best,

William J. Anderson

Morgan Tondre · Answer

Agreed with you again @Gustavo Delgado lol actually spot on! @Lucas Hannon - I'm in Property Management here in Houston managing over 300 doors - I'm more than happy to help with anything you're questioning or direct you in a way to self-manage the best way you can if it's your only option! PM me!

How Can I Be a Good Property Manager for My Friends Multifamily Property?

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