We jumped in after waiting on the sidelines too long and now are learning on the fly during this recession... correction... market cycle.

And what should I do, learn or read on this topic? 

I guess maybe its time for me to learn how to use QuickBooks! 

Regarding inspections, some PMCs will be at all, some will only be at the ones that have a high risk of failure or a problem tenant (renewal inspections).These are all questions you should ask when interviewing PMCs.Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I still have a lot to learn when it comes to the financing part.

But you'll learn so much.

I am new to real estate and based out of LA looking to learn more about out of state investing! 

Lessons learned?

It was an important lesson I learned a few years ago and now treat all working relationships differently, regardless of whether the relationship pre-existed any business dealings.

Make sure to learn how they do the underwriting when they share these docs with you.Good luck.