With the declining real estate market, this is an excellent time to start.

I have found that most people can not do all of these things great.I can say from my experience that when we tried to do other things besides managing and protecting peoples investments, we noticed that our level of service was declining and we very quickly decided to not do anything but property management. 50-60% of our clients do not live locally or in the country so we are very familiar with what out of town clients want and need.Below are a few questions I would ask if it were me, and if you like feel free to send me your email I can certainly help you anyway I can.Questions to Ask prospective management companies What are your average days on market for vacant homes?

@Neil Aggarwal problem is that the analysis being done is based on rents that move and that R&M as well as principal payments on loans means a declining asset could be problematic.

I don't need any warzone properties :-)  I have a strong preference for not going below B level neighborhoods, but read a lot of conflicting info with regard to what's improving vs declining...

If you can achieve annual returns of at least 6%, this is probably the better option.Bottom line:  A prepayment on your mortgage can be viewed as declining a low-interest loan.  

This is a deeper conversation, but I don't think this can be defined as a bubble, since there is no asset connected with the lending (like there were houses in 2007, dot come stocks in 1997 or tulips in 1637).The second concerning factor is the demographic decline in traditional college-age students over the next 10 years.

However once prices start to stagnate or decline it hits the suburbs first since there is less demand(and possibly more supply).  

The city's unemployment rate is higher than the nation's average (it was at 10% not too long ago and has been declining) and the wages are lower; however, the prices are much lower as a result. 

Offense - Felony - MisdemeanorCrimes Against a Person or Property - 10 years - 3 yearsDrug Related Offenses - 10 years - 3 yearsTheft By Check Related Offenses - 10 years-  ApprovedWorthless Check and/or Bogus Check Related Offenses - 10 years - ApprovedSex Related Offenses and Terrorism Related Offenses - Declined regardless of timeProstitution Related Offenses - 10 years - 3 yearsWeapons Related Offense - 10 years - ApprovedCruelty To Animals Related Offenses - 10 years - 3 yearsAny Other Felony Offense Felony offenses that do not fall within categories above, (ex:traffic,DUI) 10 year time frame; 5 years for felony DUIDeferred Adjudication and/or Adjudication Withheld - Off probation/parole for 5 yearsPending Cases and/or Arrest Warrants - ApprovedActive Status on Probation and Parole - Off probation/parole for 5 yearsPre-Trial Intervention/Diversion - ApprovedPETS - In terms of pets they have a list of restricted animals.INSURANCE - Finally, they require a renters liability insurance coverage of minimum 100K with the rental property identified as "Property of Interest" on the policy.Anyways, I picked up a few useful tidbids going through it. 

Not only has the appearance of buildings and grounds been declining over the years, I also forecast some serious owner expenses due to the roofs close to the end of their life span and the CPVC piping of the same vintage.