10) Knowing what to do if tenant is late on rent or doesn't pay.There's a lot more, but many here on BP self-manage and learn via "trial by fire".Of course, you can always hire a Property Management Company to handle it for you.

I’m happy to share what’s worked for me.Best,Travis Hi Travis, as far as the “hands-on” tasks , can a property manager handle this ?

If they hire our management company, Premier Property Management, we have a very traditional fee structure similar to other management companies. 

Their out of the box industry software is designed for stocks and bonds, not real estate. 

I know if it were in the US I would explore a seller financed deal where we write a 15 year note for the property so that we essentially pay our cousins in monthly installments and take over control of the property.

Consider managing remotely you'll have to be willing to travel 3 hours when needed or find a way to handle it virtually.

I agree that the market is very competitive in California - especially if you are searching via the MLS or making offers to distressed or vacant property homeowners. 

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

He knew the person selling this property and asked if we were interested.

Also the hit rate per property is really low.