A good manager will handle everything from marketing to maintenance and tenant screening, saving you time and stress.Vendors and LandscapingBuilding a team of dependable vendors—like landscaping companies, contractors, and insurance agents—is critical.

Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

Why ask: Learning how your mentor handled failures or setbacks will help you gain perspective on the full spectrum of risks and challenges in the field.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

You mean you want someo to give you the money needed for a purchase and you'll handle the rest?

So, if deadline not met, we will send our people to handle.4) Vacant properties are easier to deal with, but we still require:- Owner must sign a Hold Harmless to indemnify us against any potential lawsuits relating to the work their contractor is doing and add us to contractor's insurance.--- Another lawsuit from a prospective tenant that slipped during a showing and when they grabbed the handrail, installed by owner's contractor, it collapsed and person injured.- Since we're not really in full control of the property, the Hold Harmless also indemnifies us against anything that goes missing at the property and squatters.We get asked/told to do all kinds of crazy stuff by owners, who either don't care what happens to us or haven't really thought everything through.Hope this addresses your question.

My Property Manager isn't sure how to handle this, either, so I thought I would ask the community. 

He left his belongings inside and later texted his intent to pick up his stuff.

Would any of you recommend a certain site that specifically handles formation of LLC for rental property?  

I'd have to ask my wife who handles the accounting etc about the fee question. 30 to 45min a month for 62 properties Not bad.