Rents tend to rise over time, amortization steadily increases equity, incomes rise, so the investor has a lot of “cover” for unfortunate timing or operating “mistakes”.Number 2 - periods like 1932 - 1941 and 2008 - 2013 are much harder on this strategy.  

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I think finding someone to work with is going to be a great way to build experience and avoid beginner mistakes. 

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

Worse mistake!

I made the same mistake with my first purchase 12 years ago when I bought a duplex in a C/D Philadelphia neighborhood. 

I work for a property management company, so I get to see a lot of rookie mistakes from the outside looking in.

There are forms and templates and all sorts of things that when used will make you into a well-polished 'litigant'.Of course, a competent real estate attorney can accomplish the same thing for 5x-10x more than the cost of the course, in exchange for peace of mind that you'll get what you're looking for without the prospect of making a mistake or not knowing what you're doing.

Managing on your own may save you a little money, but I believe it's more likely to cost you a lot of money when you make mistakes.

And some months they go up, as your expenses do.Please don't make the mistake I made in one of my units.