Any market that you're interested in, there should be a quality provider in that area that you will need to vet so you can be confident about your goals being met.As far as PM goes... if you find a management firm that consistently gets the job done and is 100% TRANSPARENT then it's probably best to maintain that relationship as they probably won't like you working with their competitors. 

In those cases, you may need to maintain the utilities and split the expenses with the tenants.HOW TO SHARE UTILITIES 101You have a property with two or more units and the utility meters are shared.

Are vacation PMs depositing their own money to maintain the minimum in client's trust accounts? 

You may think you are creating "walls" that protect you from liability, but in reality you are creating more work for yourself that could make it harder to maintain that liability. 

.: You're not maintaining control of the situation.

Generally, the higher leverage you can maintain, particularly on a cash-flowing asset, the higher your overall returns. 

Quote from @Antonio Chelala: You are responsible for maintaining the home to ensure it is functional and safe.

Theoretically, he or she may no longer maintain the property to the necessary standards to keep the asset alive, well, and cash flowing. 

How do you manage to pull all your cash out and still maintain a debt coverage ratios of 1.4 or better?

S-corporations are still subject to some corporate tax provisions, which generally make owning real estate not as attractive for long-term ownership.In the simplest form, a single member LLC offers the best of both - strong legal protections if the LLC formalities are maintained (separate bank accounts, annual member meetings, etc) and easier income tax compliance on your Form 1040 (no double tax, no extra return, no corporate income tax rules).If you add a partner to a single member LLC (aside from another disregarded entity you own), you then have to file a partnership return (Form 1065).