The property was sold for 70k two months ago and the Turnkey company did approx 40k renovations on it and selling it for 140k-150k now. 

If you plan to hire that out then it falls on the PM company.

Hello Bigger Pockets Family, I’m looking to invest in real estate as well as start my own property management company I have my LLC already .

Should I hire a local PM company for long term to manage the property?

This is determined by the location, the tenant segment you target and the companies they work for.In the rest of this post, I will explain how to select the investment location, tenant segment, and property, as well as the information needed and the sources.Selecting an Investment Location or CityThe investment location is your most crucial investment decision, not the property itself.

I called restoration company and they assured to reach within 2 hrs.

A General Warranty deed means that buyer can hold YOU legally responsible for any title issues later on even if the issue happened BEFORE you owned the property.

Things I've got down to minimal effort or fully automated: * Rent, security deposit, and fee collection* Basic accounting and tax packet creation* Listing vacancies* Lease signing* Applications, credit, and background checksThings I'm still dealing with directly ad-hoc or don't have a well defined process or solution in place for:* Requests and communication with tenants* Finding and coordinating service providers for maintenance and repair work* Scheduling showings and getting prospective tenants to make their appointments* Tenant turnover for move in and out* Keeping up with legal changes and lease template updates* Setting rent amounts* Lease enforcement - tenants are responsible for things like yardwork, routinely get letters from the city about weeds / tall grass, etc.Questions for the group:* What am I missing if I were to make out a checklist of an "automated property"?

We are a real estate investment brokerage and property management company in the area.

Me and my spouse wanted to briefly introduce ourselves, our company, and share our ambitions with the BP community with hopes of learning more about how to achieve our short term and long term goals as well as build lasting connections that help and assist others in achieving theirs!