The level of management needed will depend on the age of the property and what type of repairs have been completed along the way.If you buy a property with deferred maintenance getting it turned around the first 6 months will take a ton of time.A manager should be compensated for the extra work in that case.A 10% fee simply will not cover or make worthwhile all the work involved.There will be eviction,court dates,trash outs,re-conditioning,advertising,tenant apps with criminal and credit check,ongoing repairs with tenants that are staying,etc.For all of you that want to manage other people's properties you need to check with your state's real estate commission.In many states including mine you will have to hold a license with a brokerage or be a broker.Some exceptions is if you are an employee of the company etc.I think often times investors have a high expectancy of PM work.Simply it's like owning a restaurant and having an 8 hr worker.To expect that worker to be just as excited and diligent about the business when they get nothing but a small check is a pipe dream.If I pay 100 for a steak then I demand service.If I go through the drive in at Taco Bell I expect the food to be correct and nothing else.Managing 100 properties yourself without help is the exception and not the rule.This is based on my experience dealing with apartment owners.One had about 210 units over 10 buildings all within a few miles of each other.Vintage stock and unit mix was all different ages.They ran it themselves BUT had a full time leasing manager,bookkeeper,and about 3 maintenance guys.There is no way without the help they could run them selves.I have seen basically one person locally could handle up to about a 20 to 30 unit by themselves.After that it becomes really difficult.Many investors buying in this range are not purchasing a new building.These are older buildings that need constant upkeep and have problems.Typically the mechanicals,plumbing,electrical all start failing at different intervals.I have a 20 unit and have a live in PM.It lets me focus on my real estate deals and I check in with them every 2 days or so to see how things are going.I don't want to do 10 hr work when I can make hundreds per hour selling real estate for my clients.If you want to invest out of state you could do triple net leases for mail box money.The CAP is about 7 to 8% where I am at right now.If you want higher returns then usually you have to take on more problems and risk.

I say great you will be evicted.I am calling their bluff as if they moved they would have first and last months plus security deposit.That amount is 3 times more than if they just paid the rent.So unless they are going to be living with family in a basement they will have to pay up.I am just having to do a reconditioning of the tenants and let them know a new "sheriff" is in town.

For a longer goal, I would like to start reconditioning properties, so they can increase the beauty and value of their environment and community.

I get mine from a local mom and pop store that sells used and reconditioned appliances.

That said, I did spend time reconditioning the unit and it's in great shape.

So find out how much the extra insurance is going to cost, find out the cost of removing and re-conditioning, and make her pay for it all. 

No major defects, but everything looks like it needs at least reconditioning.

You do not want to put a unit on the market when the landlords are fighting for quality tenants as you will have to give too much away in addition to lost rent and reconditioning the units.

You will not have reserves in place to service the debt obligation or recondition the property.I understand what you are trying to do but I think everything will not go perfectly and it will take a very long time to hit 3,000 a month cash flow.

So I checked with the historical zoning district, and they assured me that purchasing a property in the historic district does not trigger any sort of mandatory-reconditioning to ensure the property comes into compliance with historic building codes.