That just has been a go to added coverage here for my clients.  

I have a number of clients who have leveraged their equity to purchase a 2nd - or 10th - investment property.

I want INFORMED clients.

If I read the story correctly, your client did not report rental income.

Leasing is a specialized skill—PMs deal with this daily, making them far better equipped to handle applications, verify income, conduct background checks, and evaluate a tenant’s overall suitability.Protecting Your Investment:The cost of a bad tenant can be far greater than the cost of hiring a professional.

In total it cost me about $500.Unfortunately, I was not able to reconcile the needs of my niche market with what the Capital Syndicate had to offer. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Finally, double-check local demand and rent trends in the area to ensure the pro forma income is achievable.I’ve worked on several mobile home park deals as a broker and am currently helping a few clients sell their parks, so I know how important it is to ensure the numbers make sense both now and in the long term.

Regionality and competition greatly factors into the cost structure.

Here is an example of what it costs you to avoid professional advice.