If so, self-managing properties might not be the best use of your time - In any case, I'd encourage you to talk to multiple local property management companies, keep the above in mind, and understand how they approach management.In my experience, property management isn’t just about finding the right tenant or collecting rent—especially in a tenant-friendly state like Rhode Island.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

This is the value of a TRUE capital partner one that knows development willing to take on some risk for high reward.this is the smallest of 3 I had going with this company..

@Micah Huffman unless you are going to commit to learning some basics about being a landlord AND are willing to commit at least 2-4 hours each month managing a Property Management Company - it's probably best you sell.Otherwise, it's highly likely you could lose more due to bad tenants and management.

Have recently started a renovation company with a friend, both of us successful business owners and talented in the trades.

I'd also partner with a lending company that understands how this is going work, and what your plans are.And last, but not least, I'd partner with a CPA to help navigate you to the ways of working this properly. 

Unfortunately there competitiveness in the market and cut throat antics give the other offices (company) a bad name. 

kind of like prosper and those type of companies ( which I cant see loaning money to individuals totally unsecred like a CC company ) that seems like super high risk.

My business partner and I just opened up our property managment company in the Chicago/Chicagoland area and it is not easy to do this the "right way".Honestly you can get yourself into some serious trouble if something happened with a tenant, an injury, anything and they sue and find out you don't have a license.

Since we will be investing remotely, we plan to work with a property management company to oversee day-to-day operations.Does this sound like a solid strategy for a first investment property?