@Mike Lambert That is highly dependent on a multitude of factors like size/luxury class/location/housing type/owner restrictions/etc.

Currently content is a big factor is rankings. 

What factors lead to this decision?

Is it driven by higher rents in that market or what's the underlying factor from what you have seen?  

In Britain it's typically split between buyer and seller, 1-7% total, average 4% but with total transaction costs factored in it's actually more expensive there.

My wife and I did come the the same conclusion on most of those same factors when we were looking in the north by Venice and Aviano. 

In his experience, Memphis’s higher-than-typical rent-to-price ratio sounded great in theory, but property management turned out to be a huge factor-especially if you’re not local.

Nonetheless, I am not out to impugn anyone's intentions and I do understand (as Jay rightfully points out) that the self-employed (my situation for the past 20 years) especially run into times in their lives when conventional lending sources are of no use due to limited reportable income and other factors (such as when, for example, you retire in your 50's and begin to live off of your lines of credit, etc.). 

Need to be sure you include the "unknown budget" and never take the optimistic approach as it is better to have money left at the end than writing more and more checks that were unplanned for.Again, if you can walk through an actual property and compare notes with someone that does it in your area (key factor), you will be way ahead of what a generic book can give you.

Those that use PM's have pointed out that there is a cost factor of also having to manage your PM as well - following up behind them, making sure they are doing what they are supposed to be doing, etc.Hope it helps!