I highly suggest getting your feet wet in your local market if possible if you plan to rehab or manage the property yourself.

If I have a homeowner client that wants to play games, I'll gladly help transition them to another manager.

Property managers can be great sources for deals.3.

I joined with the intent to surround myself with others in the field and build my confidence and understanding of the subject matter (:I live a disciplined lifestyle when managing my expenses and living below my means.

Have a frank conversation with the property manager. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Been with a handful of property managers during that time.

However, some of the best cash-flowing markets on paper can also come with the biggest management challenges.

We sold a wonderful two unit STR in Depoe Bay in 2024, which generally is a no-go zone but has neighborhoods with specific commercial zoning that allows for vacation rental usages as well as a brand new development of luxury homes that allows STR usages similar to Olivia Beach in nearby Lincoln City. 

@Jason Brown - I'm a CT based investor, flipper, and property management company owner.