I think every market and every person have their own reasons, but here are some thoughts from a property manager.Pros for self managing / cons of PM- Keep all the revenue- You have 100% control- You own listing, photos, etc- Nobody will ever care about your investment as much as you do.Cons for self managing/ Pros for property management- This is a 24h / 7days a week business and I imagine you have at least somewhat of a life I imagine. 

Additionally, working in a small-town market taught us how to effectively price properties for faster sales without compromising profit.

What's the exit strategy if any, for the investor, given that, with 50%, he has no control and the market there is illiquid, especially when the HELOCs out of North American properties are much more expensive.Properties in Costa Rica are already expensive and I've tried many times to make a potential investment there work and it's never worked with the figures.

I live in a popular vacation town in the mountains of Western North Carolina.

Most owners who do it want to keep the option of having the building vacant when they eventually sell the place since vacant places sell much more easily then tenant-occupied ones if it's a rent controlled building.

Each week, I analyze the MLS, exploring cities and towns across South Florida to identify areas favorable (or not) to short-term rentals.

The tourism demand is strong year-round, especially in beach towns like Panama City Beach or Destin.

Leverage is a big factor in real estate investing, as investors can control large assets with relatively small down payments, increasing their potential returns (and risks).6.

Also don’t forget landscaping and general pest control (termites) if applicable.

For example I am near old town alexandria and the businesses are 200 year old row homes and there is no place to put ramps to get in establishments and door openings are not wide enough, but that is because they also could never comply.