Otherwise, your horse in the parade has blinders on and you'll miss out on most of the opportunities ahead. :)     

Robert, just opened a fortune cookie last night "To get ahead you first need to get started".

My plan is to sit down with my CPA and walk through set up, but since I don't manage the properties myself I had some questions ahead of time:I've seen mention of setting up tenants and leases and all that, but if my PM handles all of that accounting and gives me monthly reports, shouldn't my set up be a little less complicated?

I have a couple of months before this comes to a head, just trying to get a plan in place.

Once I navigate this process, I'll go ahead and update this thread with my results!

Go ahead with your plans to non renew his lease.

We reach out to you and see if you wanna keep moving ahead or find someone else.

Buy the right property in the right location, with the right up front repairs, and you are 85% there ... screen your tenants well and you are another 10% there on top of that ... there's always going to be that ~5% that you just can't get rid of and will need to put in a bit of work from time to time on, but it is well worth the effort so long as you nail the other 95% ... if you don't nail that first 85%, though, then you are going to have some hard work ahead of you, with or without a PM.

Taking every advantage you can is what one does to get ahead!

I just try to get a second opinion on the amount of coverage commonly used on a condo similar to mine before I go ahead and change it.