Property management for a long term rental, including the occasional lease signing, paying the bills and receiving the rents on behalf of the plan for a a few doors would not present an issue. 

But education and preparation are the antidotes for that.I have seen investors also  occasionally start exchanges and quit them at the end of day 45 if they couldn't find a good replacement. 

Then we noticed small tools missing from the basement (which everyone has access too for the washer/dryer), damage to our cable wires, and my mother in laws tire was popped purposely by someone while she was here.He obviously did all of this but we cant prove it.The only thing that could of provoked him has been contractors occasionally blocking his car in the parking lot, but we are always there and can quickly move it if he asks, and he purposely parks in the only spot where he would get blocked in.

I do like the idea of doing an occasional flip, it's a shot term way to build more capital...

The mortgage broker doing over a 100 million a year in loans with them they do not want to lose that business so will generally work to try to resolve all loan issues and occasionally grant favors or a concession.   

Exception being the occasional self-managing owner who will provide a year or two of their rental reports.

Also, all distributions from the business have to be "pro rata" to their ownership interest, which occasionally causes owners issues.LLC: This is one of the most flexible investment vehicles. 

Occasionally, you may find a listing with errors on it, which will net you some profit, or you can do some slim margin stuff and hope to make 10k to 15k, which isn't my cup of tea.If you want to find deals, you need to find off market properties and that means finding a reliable wholesaler (which has its own set of challenges) or running your own direct marketing campaigns.

read local regulations, go to the city and talk to people, knock on your neighbors door before buying... be bold, friendly, positive, and curious.4) execute perfectly and keep great records and data.  5) repeat in same city, or try a new market and see how they compare.Ideally, you would have set up a system and get people in place to manage your properties/ cleaning crews/ handymen and you just deal with the occasional emergency. 

That being said, I do get the occasional client who does not want to search, and they want me to send what I think are going to be good deals.