Price of property - my kids will not be able to purchase a normal home for under $500,000 and that would be a piece of junk out of town with a 1.5 hour commute one way - With jobs paying $20 per hour, they cant qualify for home loans an $80,000 year job is working class poor - Rents for a basic 2 bedroom apt in a ghetto like Anaheim or Garden Grove are $2200 or more - Now add health insurance, taxes, car payments, child care, basic necessities and you're broke. 

So, if you are just building out your portfolio, then don't feel it is a necessity. 

If I were younger and looking to grow a PM would be my only option, not by choice but by necessity.

I also find myself thinking how bad the economic situation might become once everyone's benefits runs out.. will crime rates rise, will suicide rates rise, will your neighbors out of necessity become your enemy?  

I think real estate investors, by necessity, lean toward the cynical end of the spectrum.

Stimulus money that is being given out is currently being spent on necessities. 

I agree with the points that others have made about the necessity for thorough training.

So, saving a few bucks is a necessity.

However most PM's own the listing unless you get a cohost, it is an unfortunate necessity due to PMS and Channel Manager.  

HVAC is not a necessity in LA - many rentals do not have AC.