You have to know how to screen tenants well, know the landlord tenant code thoroughly, know how to send proper notices, when you can charge late fees, what to do if a tenant doesn't pay etc.I can't tell you how many owners have come to us over the years who thought they could manage on their own and got all the way to court, only to find they didn't follow proper protocol with notices or the late letter etc and have the case thrown out and have to start again.Also, are you local to do inspections? 

It's simple to install over a flat floor.  

Over a year $200 on a $35-40K gross is nothing, yet over and over LLs want to "set a cap" vs screening for good guests/tenants instead. 

@Sarita Scherpereel so it's in a three flat building, but the zoning says there's only two units the basement unit based on what you said it's not illegal as it hasn't been cited by the city.

How would you handle tenant screening?

Most likely because of their attractive flat fees!

. - This is BiggerPockets "Deal Finder" - you can use this as a pro member by checking out the link at the top of the screen. 

How will you advertise, show, and screen applications?

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

@Vivan Bhalla how well did you screen the PMC?