that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

We have found the biggest benefits of self-managing our rental properties to be:1) Exponentially Higher Cash Flow2) Higher Quality tenants and therefore rentals3) More time freedom from your optimally performing portfolioAre you self-managing or using a property manager for your rental properties?

Have you considered hiring a property manager?

The two on-site hoa approved rental management companies (which must be used if you do STRs with your unit) project around 60% occupancy.

(PM company is managed by OCF)+ One of my properties was already tenanted.

Without that you can be sued personally for any issue within it on your str.Its much harder for people to pierce the corporate vail and sue you personally if your property is owned and managed in a LLC .Financing is one of the only drawbacks as it is a commercial process and banks usually like to see 3 years of a decent tax return.We have 19 properties and all are in an LLC and in fact we only hold 2-4 properties in each LLC (all are owned by one parent company and done in one flow through parent company)to even further shield the liability that may/can occur on a property.There is no doubt you are exposed to higher risk on many fronts if an investment property is held personally.

Being close to your rental allows for easier management and maintenance.

The reasons are 1- less competition in commercial2- greater property types lead to more opportunities for “value added”3- commercial net income projections include expense for property management, 1-4 unit residential usually do not4- greater “universe” of properties to buy allow higher minimum return standards Of course residential is MUCH easier to successfully deal in, and with reasonable leverage has small downside risk, so I 100% agree that most investors should stick with residential.  

What are some red flags to watch for when interviewing Property Managers?

Putting together a trustworthy crew is crucial to carrying out effective flips.Manage Your Finances Sensibly: When flipping houses, sound money management is essential.