California Civil Code Section 1710.2 Well, it's required, but it's not:"No cause of action shall arise against an owner or his or her agent or any agent of a transferee for not disclosing facts pursuant to paragraph."

Given this is your first investment endeavor, I would highly recommend going with an experienced and reputable management company that will mitigate your risk when the not-so-fun parts of property management arise.

As Warren Buffet says a rising tide lifts all boats but when that tide retreats you see who is swimming naked. 

He charges a flat fee for tax prep and no fee for any questions that may arise.

I've always felt the CB Properties team to be responsive, high integrity, and very fair when issues arise.

It's always good to have reserves and the problems that can arise can be quite costly, so it's important to have an emergency fund, but part of what you'll want to think about is your risk tolerance and back up plans.

Building a solid foundation through networking is crucial for overcoming any obstacles that may arise.

Lastly, being a good landlord will always bear fruit so it's best to be on top of every issue that arises.

The tenant assumes all liability for any damage to persons or property arising from the installation, operation, and ongoing use of the air conditioning unit.

Of course those situations can arise but its not common, and no lender wants to foreclose at least any lender with any experience.