You don't have to approve all maintenance requests, especially requests that improve the property beyond condition when rented. 

This shows the value of having title insurance, but as I also have posted in the past, unless you get a policy for the value of your purchase price plus the value of the improvements you plan on making, you'll be self insured for the latter if the fraud comes to light after you've started the rehab.Fraudsters target property owners in historic Black neighborhoods in South Florida (local10.com)

Buy a 2-4 unit or a 3-5 bedroom house for only 3 to 5% down and live there while improving it and renting out the other units / rooms.

DealProperty - 3 bed/2 bathPurchase Price $105,000 House Value - $115,000Renting at - $950Mortgage (tax, insurance) - $555Maintains/Capital improvements - $100Vacancy - $125Property Management - $95 

Property in great condition with significant improvements. 0 cap-ex needed which dramatically improves the returns.

To me, buying, improving and holding onto rental properties sounds fantastic.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

I lean toward areas close to colleges and the downtown scene because they tend to be highly desired and, in the event of a decline, they are the first areas that the city wants to improve. 

You need the localized knowledge a PM brings regarding neighborhoods, rent rates, relationships with contractors/their own staff, etc.

Deduct your expenses: taxes, improvements, insurance, mortgage interest, etc.2.