Furthermore, if I make a mistake I only have myself to answer to...... unless my wife also catches it :)& NOW the only annual performance review I need to endure is that of our CPA.

Seems like a maintenance nightmare to me.

Do I have to take care of the maintenance?

That seems to work, but that is really a good rule for someone with a full time job who wants to pick up a rental or two on the side and fart around on the weekends doing the maintenance themselves.

Those PM fees are on the very high end, and would amount to 18% if you have annual turnover.

On the flip side, the house I'm having problems with the management, is in a good area with extremely low vacancies and so is a solid rental, was rehabbed and so has very little issues that have come up, so from a maintenance standpoint is still a decent property.

Typically if they cover exterior maintenance the Master Insurance will cover the structure and exterior issues (Like if there is a storm and blows the roof off you won't make a claim or deal with the repairs personally).You would need something like the HO6 mentioned earlier.

I am thinking 6% annual return and 10% Equity?

Being able to do maintenance and repairs for less than retail is great.

We have been fortunate to get some great renters, and after PITI and cycling money back into the property for maintenance/upgrades we still make about $500 a month.