So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

However, if that effort fails, the local agent is equally liable – criminally and civilly – for any fees, fines, etc. associated with the property." 

Managing a property can be incredibly rewarding, but it does come with its fair share of challenges—especially with the recent shifts in Rhode Island legislation.In 2024 alone, 39 bills were introduced, and seven significant ones passed, including extended rental terms, mandatory fee disclosures, and other updates that every landlord should have on their radar.

Have you considered a flat fee MLS listing as a way to gauge interest and possibly sell?

But what I would point out to you is that the typical fee for property management is 8-10% of GROSS rent.

Also, keep in mind that an IN multi member LLC would require a separate tax return, so you would want to budget for extra admin fees.

HOA fees, in particular, seem to be the biggest hurdle.

@Shiloh Lundahl Awesome, thank you ok so having that 10-20k as a buy in is important, to first getting into it.... it helps get those first deals started.... just as an aside : I am also just starting out doing finder's fee methods - with tax foreclosure overages refunds, and assett recovery / state funds refunds... so I think those can help me to get that intial 10-20,000.... it might take me some months, but I think I can get there.... that's my initial plan, at leastAnd if I can get that saved up, then that will help me break into deals....

Since seller-paid fees usually cover their services, you get local expertise without additional expenses.Final ThoughtsLive where you like, but invest where you can achieve financial freedom.Out-of-state investing has proved to present excellent opportunities.

Negative cash flow with high HOA fees is a red flag.