What are the biggest challenges people have faced with this. Also how do I make sure to get good tenants?

I've asked my clients a similar question and have developed tools for them to minimize this, but I find there are a few different types of clients.Manager managed - these folks have no issues as they simply upload their year end statement from their property manager, their 1098 mortgage statement and any other one-off expenses they may have paid for outside of the management company. 

Is there a difference between being on the Northside vs Southside of some major street?

I’ve had my share of challenging deals too— but the payout made it all worth it.Curious - would you handle the cash-for-keys offer differently next time, or was riding it out the best call?  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Every situation is different... but if those POHs are busted up the park is worth only a fraction of what he is asking.

However the difference may not be as significant as you think.

Quite a difference!

The line "not your buyer" is quite a bit different than "not a buyer."

I'm sure y'all already knew that!