Legal and Regulatory HurdlesReal estate transactions involve legal complexities that can overwhelm newcomers.Solution: Learn about legal requirements early on and seek professional advice when needed.

Again, there's time and cost involved because they are unlikely to get everything.4.

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

It isn't having paid off properties that offers security, there are still taxes, insurance, maintenance and management involved. 

If you are not Materially Participating, the loss will be reported on Form 8582 and like be classified as "Unallowed".The ordinary loss from Schedule E cannot offset the Schedule D capital gains. 

If no response contact the State Banking group and get them involved.  

I also had horrific PMs, particularly involved with a 48 unit apartment complex in Houston.  

There are some people that get lucky and earn cash quickly, but they generally hide the fact that it was pure luck or how much work was involved.

Both are for tracking income/expense and generate reports (P&L, cash flow, but not balance sheet) only, not for listing, screening, collecting rent. 

Property Bank StatementsTitle, Appraisal, Environmental, Survey Reports – If availablePurchase Contract