What are the margins in a property management company (manging other peoples properties)?

@Heshel Mangel , Is there a reason for being one on the mortgage?

Refinanced mortage will likely be $1200 a month leaving cash flow of $300 a month to mange the property.

If I could get a clean 16-20%+ IRR for 4-5 hours of due diligence, then totally passive for years after that.. why would I spend my time manging tenants, repairs, or managing the property manager every month for a 15-25% IRR?

HOWEVER, it's not really 'more fair' to the tenant that is paying 3-5x the cost for heat, which is usually the case for electric heat vs. using NG. 

There doesnt seem to be anything below it, it is about a foot away from a closet door openi ng 

@Patrick Ng this person told you they could not afford the posted rate.

I would never pay 30% of gross to have someone mange.

No, it will not be under contract if the 3% EMD is ng.

Has anyone bought property outside their state and manged to not live in it with the FHA loan or know of any other loans similar without putting 20% down on the home 7 or living within it .