Hopefully, this first investment will launch our journey in real estate.Here are some criteria we have in mind:Not in downtown SacramentoClass C+ or B location, since we will be living in one unit (we just want a safe location)Units with shared walls, not ceilingsSeparately meteredFairly renovated or well-maintained (not a fixer-upper, but if one unit is renovated and the others need some work, we would love the experience of fixing and renovating)Can you think of any other factors we should consider?

If you have the time and experience, hiring your own subs (like plumbers, electricians, painters) can save you some money, but you'll need to manage the project yourself.

In terms of property management I have zero experience and wanted to get feedback on the hourly commitment so I can determine if I should self manage or get a pm.

This could get hairy and you would need a solid operating agreement for each fractional owner as to what their shares are entitled to (voting vs non voting), enjoyment of property, etc.

I manage around 400 rentals with 14 years of experience and have never been sued once.

As far as my experience goes, anyone can manage their own property without any GC or Property Manager's license. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

It gets easier with experience.

My experience is that is a kind way of saying "We will add 200 basis points to our quote because your deal isn't normal for us."  

Real Estate is one of my passions and I enjoy pretty much everything about RE.