Even with a property manager taking a percentage, you’d still see a return, and it might save you a lot of stress managing the property from out of state.

Congrats @Emily Pena - I'm also an agent (working mostly with investors), property manager and an investor myself (currently owning 26 rental units). 

It would just need to be a situation where they have great contact with the person doing that managing of the project (I.e. have known the person for years, great reputation, person has experience in flipping etc.).

After 30+ years of property management, I'd say get used to it sucks. 

Quote from @Geoffrey Paugam: I suspect there are many managers there, but maybe not any good ones?

We manage over 85 listings.  

Fun reno project scheduled!

. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

BAM and Praxis have definitely managed the situation better at this point in time. 

However, given the price points in NYC, I am looking to southern CT so that I can start small for my first project.