How did you handle it, and what would you do differently in hindsight?

Make sure to maintain a cash reserve (3-6 months of expenses) to handle unexpected repairs or vacancies.It’s smart to consider the “what-ifs,” but don’t let them hold you back.

Why not just hire a local real estate agent to handle leasing? 

My issue with management is how they sometimes handle turns.

You need to maintain a fund to handle those unforeseen expenses

If you live there you probably have a good handle on the subtle market dynamics.One significant risk of buying any property out of state is that you have a lot less knowledge and first hand experience with all the nuances of that specific market.

If so, how did you handle it?

They partnered with an experienced realtor who handled most of the contractor coordination while they focused on financing and design decisions..

Here’s a strategy:Define Roles and Responsibilities: Agree on who handles what (e.g., funding, management, deal sourcing) based on strengths.Bylaws to Include: Cover profit/loss splits, decision-making processes, buyout clauses, and what happens if the partnership ends.

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?