I would like to speak with local investors, real estate agents, property managers, lenders, etc. from the area.

I am the boots on the ground, managing the property and doing everything in between.

Why hasn't your property manager already answered this question?

This also leads owners to ASSUME simpler is better when it comes to management contracts.

I have five houses in Memphis area, and the biggest problem has been finding a good property management company. 

Hi Everyone, I own and self manage 2 of my own properties here in Western NC.

Love that you started a property management business.

Since it’s a new build, I was able to negotiate some great perks, like a 5.875% interest rate, no closing costs, a fridge, blinds, and even a backyard firepit.Pros:Good school districtLow interest rateMinimal CapEx and repairs (because it’s a new build)Low insuranceHigh-quality tenants (due to the school district and being a new build)Cons:Lots of new builds in the area, which could drive down prices and increase vacanciesThe Numbers:Price: $290KInterest Rate: 5.875%Down Payment: 25%Monthly Mortgage + Insurance + Taxes + HOA: $1,480 (I got really low insurance since it’s a new build and Alabama’s property taxes are low)Property Management: 10%Rent: $1,800 (this is under market because I wanted to rent it quickly—most units in the area were sitting vacant for 100+ days.

A "lake house" might be in a residential zoned area where a commercial use would be prohibited or at least require a variance (approval) to make an exception.

Do you think that is fair - to be forced to pay for your manager's mistake?