When cycle gets tougher then those marginal agents sales dry up and they go back to that j-o-b especially since they did not save and spent all their money on trips, bigger houses, nicer cars,etc.Good LuckI hope you are one of the few that make it long term. 14 years in the business and still having record sales year after year.The best nugget of info I can give is constantly out learn your competition.

If one tenant has been in there for that long, there will also be some serious capex and turnover costs.

It has taken me time and I am ok with building long term wealth vs spendable dollars today.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

Quote from @Dustin Hagemeier: As someone in property management, I’m pleased to share that we’ve had significant success with the Section 8 program. [...]

Alternatively, DSCR loans offer long-term financing with lower rates, but they come with more complex requirements.

By trade I have been in occupational therapy for 10 years, but am willing to take a pay cut to really focus on what will make me the most successful investor I can be.

This approach does not work on every deal, but if they are doing 1 out of 3-5 deals like this, it really helps the fix & flipper to develop long term wealth, rather than just chasing the next deal for chunks of money. 

I would have asked you what your long-term goal is but you have already thought about it.