I literally just posted this morning about making sure to avoid the biggest mistake which is trying to run a short term rental in a place that doesn't allow it. 

Would have been a bad mistake if I just relied on my guidelines.

@Mason Osborne even if someone gives a referral, what works for them may not work for you.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!

If they are serious using your attorney as a point of contact may save you an accusation or from making a mistake in the process.  

This is what we have been leaning towards (renting the property) but did not know if we were making a rookie mistake by going that route.

And it could end up being a very expensive mistake.

I always recommend that buyers use brokers for representation vs. being cheap and making grave mistakes..

@Larry Wilkes IN addition to what @Nathan Murith states, you should also do a SWOT analysis on yourself and be honest about the time you'd have to DIY manage.The #1 mistake we've seen DIY'ers make is ignoring problems due to their time contraints or personalities.

@Barbara Chennault, the #1 mistake most investors make in Detroit is not properly understanding the Class of the property they are looking at.

One mistake many make is not taking into consideration the opportunity cost of paying rent elsewhere, and just see the property as negatively cash flowing.