It's worth checking with an attorney for your state. 

A good PM can refer you to top sales agents in the market, they can tell you what type of rentals are in demand, they can tell you which areas are best for investments, and they can cross-check what the sales agent tells you about specific properties.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.

When vetting contractors, check if they’re licensed and insured, ask for at least 3 references and call them, and get detailed written estimates and timelines.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

Not only will this lead to you being alerted if the policy lapses, but if their pet bites someone it may protect you from a resulting lawsuit.4) Unathorized Pet- Check your lease and state laws to see if you can terminate the lease over this.

Check his legal history.

The background check is supposed to identify the amount of risk, then you determine whether you can mitigate that risk or not.

Made sure to check the ledger and T12 to ensure that the tenant was qualified correctly before purchasing the property.

As I studied earlier, the first thing you should do is marketing, then get a call and do a property analysis to understand if it's profitable for you, then meet with the seller and sign all the necessary papers, then if there is a debt in the bank we do a reinstatement quote, then do a title search to check if there are any hidden debts, if everything is fine we look for an investor or flipper and sign an assignment of contract with him and wait for closing to get our money.

It can be a separate checking or savings but just make sure to have a "holding" account where only security deposits are held for your sanity.I won't speak to liability since I'm not a property manager, attorney, etc.