For the 20-30% you give to a broker as an agent, it makes no sense to me to take on all the legal, procedural and reporting requirements, let alone add’l liability  of being a broker.

Also, I have found it challenging (depending on the tenant) that the payment of rent and requests for repair calls may be confusing for the tenant depending upon new procedures.

Is this normal procedure?”

One thing to go along with offers with expirations that Charlie has mentioned...in MA they are standing operating procedure.

There should exist a 24-Hour-Notice-To-Vacate procedure for special cases such as: imminent threats, reckless endangerment (causing serious risk of injury to someone else on the premises other than you), inflicting substational personal injury ect. 

I looked in to having my own property management company because I work on my own (about 20), and now that I have the processes and procedures down, why not do it for other people too!

Being new you will have a lot on your plate and need to implement systems and procedures in your rental.

Im not concerned about the price at this point i just wanted an insight of what the buying process or procedure it. thanks

In MD a tenant can be due triple the deposit back if the landlord doesn’t follow specific procedures.

Your note/mtg can say anything it wants, you still have to follow state/federal law and procedures.