Since you’re in research mode, getting familiar with neighborhood-specific trends will be key, some areas have strong rental demand, while others can be trickier to manage. 

Since you’re managing a Section 8 tenant and taking over property management, focus on understanding local regulations, lease terms, and effective tenant communication.

I currently have a background in Semiconductor construction from starting as a detail engineering, working to be a construction manager, and now working as a Modular MEP construction consultant in the span of 5 years.

Hi Ken,After managing hundreds of properties and working with investors (many from out of state) for over 20 years, I’ve seen Tampa, Orlando, Lakeland, and Miami all work—but each has its own flavor.

I'm an out of state investor and will have them manage more properties in the future.

Do I lean 100% on the property manager to find renters? 

And is it pretty easy to manage or no?

A feature that our Pro Members love is the fact that they can manage of all their rental properties for free using RentRedi.

Hopefully we will be managing a handful of other STRs in the same market in the future.

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.Section 8: Rents are too high for the program and cash paying tenants are better overall.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 yearsSection 8: Rents are usually too high for the program.Class C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.