The primary goal is to protect the owner’s investment, maintain property value, and ensure a steady cash flow.Why Property Management MattersMaximizing Income: One of the key goals of property management is to ensure that the property is generating the highest possible return on investment (ROI).

@Raghavendra Jakkani wanted to add that some states, source of income is protected so you can’t exclude income sources that may come from child support, government assistance etc.

U think @Russell Brazil or @Steve K. are not going to be there at the final walk through to make sure their clients are protected ????

If your property is owned by an LLC using it for personal use may negate any liability protection the LLC would have offered. 6.

If you manage homes built before 1978, there's a key regulation to be aware of: the Environmental Protection Agency (EPA) requires property managers and Landlords Nationwide to be certified in lead-based paint handling.

@Angel Peng you may want to consider registering an LLC to protect yourself from liability.

 $1800 (high end of rent range) - $1535 (hopefully mortgage includes full PITI) - $90 (5% vacancy) - $400 maintenance/cap ex - $180 PM (at that low rent point I am using 10% all inclusive) - $50 misc (bookkeeping, utilities that are not tenant responsibility such as slab leak, tax man, allocation of asset protection, etc).  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Doing so would protect against everything described above.

When my tenant moves out, I'm just going to eat the cost and put in the flooring I've put in my last few rentals that went in very well, look great, and, so far, no issues; the Pergo Wet Protect from Lowes.