@Justin Moy Other good ancillary income options include pet fees, garage fees, and early termination fee.

My tenants have pets and their credit was not the best, so my PM had costs associated with each which increased my cash flow. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

So here are pros and cons of managing yourself.Pros:  you keep all profits (except 3% to credit card company), get to know guests, create a rapport with regular guests, make it personalized and memorable for your guests (my housekeeping staff was great and would leave flowers for anniversaries and balloons for bdays)Cons: Phone calls late at night sometimes, dealing with guests who are nasty and ignore your rules (ie no pets/no smoking, but it's nice having damage waiver in place), trial and error finding right housekeeping/maintenance/HVAC/plumbing people.Going with a property management company pros and cons:Pros:  they deal with all the issues and reservations callsCons: they may not be as attentive to your property as you would be and don't follow through with rules of no pets/no smoking.

This is one of my pet peeves because when most people do this they compare apples to oranges much like they compare crime rates.Look at the investments you're making and compare them to the same investments made in the US.  

If the old owner collected deposit you will need to collect the deposit from  old owner.With the old lease I had no deposit collected so I obtained one.I also had to raise the rent the old number was based on the value from 5 years back, prices have gone up sharply since then.You need to do a walk thought inspect what is going on, do they have pets are they smoking etc.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

List all the requirements to be done before move in if accepted: utilities, registering with e-pay service, pet fee, holding fees, application fees, non-smoking household statement, renter's insurance, etc. 

Will you be allowing pets?