It turned out pretty great, the process took longer than expected but I ended up getting really great tenants in there.

@Craig Bowman Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

To manage this relationship, landlords should establish clear boundaries, respect space, use a third-party property manager, and set expectations for tenant responsibilities.

An activity is a rental activity if tangible property (real or personal) is used by customers or held for use by customers, and the gross income (or expected gross income) from the activity represents amounts paid (or to be paid) mainly for the use of the property.

Meaning, if you spend money on ads you are expecting an ROI correct?

When people buy too many properties too quickly, they end up with underperforming assets and more cap ex than they expected.

You can do a comparison of Price sold to rent per sqft and get a great idea of how the market is changing or what to expect from rentals there!

Do you expect it to turn around, and/or is there anything you can do to help increase revenue? 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

When it comes to W2 employees, it involves HR, expectations, paying them whether they have enough leads or projects to fill their day or not, managing higher expectations (W2 employees seem to be much more "picky"), and overall they are just more expensive.