Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.

I know from BP podcasts that mistakes are part of the process, but I want to avoid anything that could jeopardize my family’s financial stability.Despite these concerns, I’m ready to dive in!

Mark, I am in the process of completing a HELOC with Wells Fargo.

There are plenty of deals in Philly on and off-market from wholesalers, who are pretty decent in Philly compared to other places.You will need to get your GC license here and learn the permitting process and necessity here as well.

The broker/LO misses something that gets caught late in the process and blows the loan up.

This can be a very long and annoying process and you're not guaranteed to get approved.

Thankfully I was able to sell both houses and stop the bleeding.During the sale process I found out than one of my houses had a baseball sized whole in the roof and the other had two AC units that were not functioning along with mold that had to be remediated.

It's a long-term learning process, but an interesting and often profitable journey - best of luck to you!

I want a good turn key property that can be set up with a management company and I would like to repeat this process at least two or three times this year. 

And you can do it with little cash, 5% down conventional is better than 3.5% FHA.House hacking also gives you a chance to cut your teeth in all major skills: analyzing deals, buying process, financing, working with contractors, advertising for rent, background checks, property management.