It can help safeguard your personal assets in the event of a lawsuit or liability claim that exceeds the coverage limits of your primary insurance policies.Tenant Acceptance Policy: Implementing a thorough tenant acceptance policy is crucial for selecting reliable tenants who are likely to pay rent on time, maintain the property, and adhere to lease terms.

Account for future rent increases by implementing value-add strategies and including provisions for annual rent escalations in lease agreements.

That's why you need the HOA, because they implement your private CC&Rs which allow for the greater density...so ANY townhouse/condo you buy you should have anticipated that there were likely some shared services...if there weren't then you wouldn't need the HOA...

That is passive to manage and much less cost to implement. 

NY is still great but landlords need to:- proceed with caution- read Brandon Turner's books - implement strict requirements and systems for tenant screening and property management

I also implemented a bonus structure this year that is focused on growth of the company.

I'm a local investor and Realtor here in Jax and see numerous successful strategies being implemented. 

Late fee amounts and timing are often affected by state law, so be wary of implementing the answer someone gives you.As far as vacancy rate, 5%. 

Implement a Mgmt strategy? 

You could easily manage a significant volume through a free Google Voice number and an email address.Considering that most residents lean towards email and text rather than phone calls, you can periodically check those messages or any voicemails left for you.As your business expands, you might want to consider implementing an efficient property management software.