Self management can also be highly profitable (more than just the 10% fee) and allow a great deal of control when selecting your tenants. 

I have worked as an Auditor, Tax Preparer, Controller, and now as a remotely based bookkeeper. 

Looking for recommendation for Self Directed IRA with checkbook control custodian.  

This way you control how much you spend to fix the problem.

@mau pan not sure how the laws work in pa but in Georgia you legally own the property the day of the foreclosure auction even though it can take several weeks or even months for the attorney to prepare and record the deed.So I always immediately get insurance, put utilities in my name and if it's vacant, get physical control and change the locks.Regarding the possibility of leaks, I always ask the water company to put service in my name, unlock the meter but leave it turned off at the meter.You can the turn it on yourself with a curb-key or a decent pair of pliers.

@Robert GatiThat is one of the tricky parts to control.

Personally, I prefer to manage all my properties because a) no one cares about them more than me, b) there's no PMs in my town worth a crap anyway, c) my properties are fully renovated and rent so fast that PMs would do virtually no work for their pay anyway, d) I'm a control freak, e) I make more money. 

Over the last couple of years I've controlled over $2.3M worth of real estate using creative strategies like wholesaling, lease options, and seller finance.

If they find out they can walk on you and they have control they will take advantage.

I have won deals for my buyers because the listing brokerages know me and that my buyers perform.If an unknown buyer contacts a listing brokerage the listing brokerage wonders who will work with and control the buyer through the process to closing if they select them?