Today is very different as it is all about the management (and not appreciation) compared to past where management could suck but you still had superior apprecation.This will not crash housing of course but all those "creative" deals where people are paying more than market value are going to realize they have no exit. 

Separate it from property management and make it the MVP.

Now I own a thriving property management business, run a real estate team helping other investors learn how to grow and scale their portfolios, I have my own modest investment portfolio and have two development projects going at the moment.

Know this: the #1 reason why landlords fail - failure to manage to the lease (source:  American Apartment Owners' Assn). 

I believe the property manager needs be on island (but i could be wrong).

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.   

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). 

@Jill KellerI personally owned and managed several rental properties, mainly one family, 3-families and been advised by a number of attorneys through the years to forget doing LLC's.

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.

Hi Kevin,Great question... finding the right property management (PM) company can make or break your investment strategy, especially in Orange County (OC), where the market is both competitive and unique.