We manage three large apartment complexes in two different submarkets in Indianapolis. 

The part about getting out of your own way is so true, especially with managing subcontractors.

Go for the independent PMs, not just a real estate agent offering property management on the side or one of those cookie-cutter franchises (PMI / RPM). 

There are a few properties in the Midwest that manage to generate cash flow, although the appreciation is minimal—this is about the best scenario you can expect.

Quote from @Mike Johnson: Hi everyone, I was curious what might be some of the biggest problems to you run into while managing your properties?

If they have a taste for it then use the equity to buy a rental where they go to College and have them manage it with roommates in it.   

My mark up is always lower than the direct lender because I don't spend money advertising during the Super Bowl or buying a private jet for my CEO, and we don't have layers of management we need to pay.

Hi everyone, I recently purchased a rental property in a condo managed by an HOA, and I’m dealing with a challenging situation that I’d appreciate advice on.

Negotiating seller concessions, networking with local investors, and learning property management skills have been key to finding deals with strong long-term potential.Good luck!

Bringing in different management 2.