You need to have reserves in either cash or credit regardless of the situation. 20k can go away in a blink.

When you have multiple responsible adults sharing a house, if one "bad egg" slips in then you have the others renters to kick them out or report them. 

I would not go into bad neighborhoods. 

So note to all owners of older builders - this is not a bad idea to include when doing a large scale rehab.Total labor cost: $13,000For the amount of labor and the materials he was including this was a really solid price. 

If you have nothing, and make nothing, you declare bankruptcy, wreck your credit and try to go back to renting.

Quote from @Spencer Douglas: I regret writing this bad review, BUT I HAVE TO.

I have seen too many partnerships go bad (almost all, just a matter when), that's why in 15 years I have never partnered.

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

If you had a bad experience I'd love to step in and help you out to get it resolved. 

Over priced, layout is awkward, junky neighbors, back on market/under contract multiple times, bad photos, bad timing(got buried from other listings, weather occurrence, etc).