Property management involves overseeing and maintaining rental properties on behalf of the property owner.

@Dave GreenHere are the three options for generating passive income and scaling up a property portfolio: selling rentals and buying a multifamily property, paying off your primary residence, or holding rentals and maintaining cash flow.

Since you are just getting started, I'd concentrate on working with sellers first and getting your own buyers list in place in place of agreements with other wholesalers.

So I have a rental property that I am paying a management company to maintain and rent out. 

To prepare, focus on saving for a strong down payment and maintaining a solid credit profile, as both are critical for competitive financing.If possible, look into FHA or conventional loan options for owner-occupied properties, which may offer favorable terms, especially for first-time buyers.

If you choose this route, make sure to have clear, written agreements in place and maintain a professional landlord-tenant relationship.

This keeps the liability within the LLC and maintains the separation between personal and business assets.

It’s important to balance cash-out refinance with maintaining healthy cash flow from rent.Mismanaging the Rehab Process:Delays in the rehab phase can eat into your profits.

I am not a featured agent and Im closing bulk of my business from BP without doing a heck of a lot, I am just maintaining what I started.  

They maintain access to the house managers and meetings, and while we make the transition to independent living as seamless as possible, they are essentially on their own.