The main advantage to me is being able to honestly tell owners and tenants that we have a 24 hour maintenance line for emergencies. 

My favorites:David Lindahl  - "Emerging Real Estate Markets" and "Multi-Family Millions"Ken McElroy - "ABC's to Real Estate Investing" and "Advanced ABC's to Real Estate"Paul Moore - "The Perfect investment" I also like podcasts - Joe Fairless, Michael Blank, Blogs by David Lindahl are good (rementor.com)Also researching marcus & Millichap, Cushman Wakefield and overall market is a great way to lean numbers.

If this situation is not an emergency get 3 reputable plumbers out to give you a quote.

I called the next day because no one answered the emergency repair phone that evening. 

It could be as simple as a few bullet points outlining operational details, major wins (and losses) and how issues are being handled.The point of regular communications is to make the investor aware of how the sponsor is working with the property manager to address current and emerging issues. 

Find a mentor.Consider another asset class like mobile home parks, self storage or emerging asset class like assisted living.

There should be on call property managers for emergencies in any condo complex, plus you know that snow removal is always going to happen, trash service is paid for, and someone is monitoring the community for any unacceptable behavior from guests. 

I typically handle tenant maintenance requests and other general communication with the tenants by either answering them directly or leading them to the appropriate person, but we're still trying to figure out a protocol for when "emergency" maintenance calls come in after-hours.Obviously, if there is a fire, break-in, medical emergency, etc., they would be calling 911, not the property manager. 

The National Alliance for Recovery Residences (NARR) is the "go to" organization for all things in this EMERGING industry. 

Utilities are not really considered in the ratios but you should have an idea of what they will be.I don't think we touch on reserves, will they need a "title loan" to get the car repaired or can they take care of emergencies?