It’s kind of like asking what’s the worst part about not being a real estate investor?

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Been there and made those mistakes in the past haha. 

Luckily the family in my rental is paying $9000/mo (3x my mortgage) so I am gaining signifigant wiggle room for mistakes.

Our company has designed over 100 flips for Real Estate Investors in 12 states, and one of the biggest mistakes that we see our investors (try to) make is always going BOLD with the design!

Zillow makes mistakes.  

Keeping my eye on the worst houses in the best neighbors that need some reno that I can turn into STRs or LTRs.

@Tannia CastroRecommend 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.

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

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.Thank you @Michael Smythe this is very helpful!