You should have a clause in your lease agreement or an addendum detailing their responsibilities along with penalties for violations.At Keyrenter North Jersey Property Management, there are a couple things we always go back to when making these decisions:- How can we provide the best value/service to clients and tenants?

Makes your life as a property manager easier, and provides consistent rents coming in.

My total expense ratio on each property I own ranges anywhere from 40%-50% annually, but I also self-manage and am not a slumlord (I am pro-active with maintenance, not reactive).

Attend one of these trainings to understand the bid process, there is some nuance as to how the final minute of bidding can be managed, which can be good info to know should bidding be competitive.My attorney has recommended that a writ of possession be filed for any property purchased at auction.  

I’m a full time property manager in my 9 to 5 and manage 138 doors.

Good examples to try to follow.From the above discussion, I now have some simple, beginner questions about taxes and bookkeeping.Example property:Rent: $2000PITI: $1200, CapEx: 5%, Maintenance 5%: Vacancy 8%: Prop Manag 8% ($520)Cash flow: $280In the bank, you keep the $280 along with the $360 from CapEx, Maint, Vacancy while the Prop Manag is paid to the PM.

Experience - Having someone who knows how to manage contractors goes a very long way. 

Quote from @Avi Manthe: Hi Folks,My name is Avi, and I have previous experience with buying 2 rental properties in the past, along with working in property management for several years.

I own and manage 5 single family homes. 

Price points are low when acquiring real estate but that also comes with lower rental market values for your units so it pretty much evens itself out.With that, if you are going to buy in Reading I advise you strongly consider managing your own properties.