@Sean Gallagher - My initial reaction is that if you're thinking about a property manager to help oversee the daily operations you're probably at a point where you need to get one.

But there is no black and white guidance that I could find.And, in conclusion...1st conclusion: no FICA until the child's 18th birthday.2nd conclusion: tax law is muddy (I would add two capital letters, but it's a family-friendly forum)3rd conclusion: pay your CPA, we have to deal with it daily, and it takes skill

Had a newbie client that bought 5 SFR rentals and called us 3-5 times daily.

It is virtually daily that i see purchases or considered purchases that appear to have no path to success.  

It sounds like there's no consistent place to go to given daily rate changes, quotas to hit etc?

This is an 11 story building and both passenger elevators went down at the same time for about 3 months.

Its already too many opportunities to fail if you are in the same town, on top of it daily.

Often you are getting a pretty sizeable discount for your efforts, resulting in both captured equity and cashflow.The best ugly properties go quickly, so when I was looking, I got in the habit of searching daily.  

Almost daily I get a phone call of: "Hey, I am calling on your property listed for rent (that they are obviously reading because that's how they got my #), I was wondering, is it available?". 

That it can impact your 5 star review more than what you can charge on a daily rate.