Then again, I've had guys call out for the day at their regular job to do a job for me because I paid more then their boss would have paid for that day for only half the time.This approach may not work for everyone, but it has worked for me when I needed it.

So the down low on 3 companies I interviewed:Company AOver 400 units2 Property managersLate on the 5th- $50 charge to tenant, 10th- additional $25 charge to tenantNo project management fee1 drive by inspection per month, 1 full inspection every 6 monthsRequires renter’s insurance (single family homes only)Stated high percentage of tenant renewals Manager of the RE branch was a local town justice for many yearsHandles insurance claims2 evictions last year (both in same building- new project) - not tenants they placedSaid they serve fake eviction papers before moving on to full eviction process (to save owners money) Charges ½ 1st mo rent and 10%Red flags-Does not approve prospective tenants with owners (to keep owner from contacting them)Will not show lease (confidentiality)I did view one of the houses they manage, the tenant mentioned they had asked for a leak to be fixed and it had been over 2 weeksDue diligence revealed PM was arrested 3 yrs ago for petite larceny from a grocery store- weird a retired town justice would hire herCompany BManages 40 properties2 Property managersNew company (1 yr old)- all property managers came from another with years of experienceLate on the 5th- $50 charge to tenant, then 3 day pay/quit notice ~5 days later10% project management fee w/ weekly updatesInvestors make up 5-10% of their propertiesIn house maintenance staffOwner can approve tenantsOwner can provide own leaseReiterated how important communication was2 prior evictions1 manager has 2 investment propertiesCharges ½ 1st mo rent and 10%Does not want to rent low end housingRed flags-One of the property managers never responded to first 2 emails, 2nd manager was prompt every responseDoes not want large portfolio of rentals (150+)One of the property managers has boyfriend writing reviews on how great she is, same manager that never responded (looked him up and he has a lengthy arrest record)Does not perform regular inspections unless owner requires (sounds reassuring- sarcasm intended)Admitted no set schedule for inspections but noted “they can do them”Company CMy current agent/his wife would manage- part of a franchised-brokered companyI’ve bought and sold 1 property through him- sold in 6 days in a market with over 365 days of inventory, though the sale drug out 6 months due to the buyer/buyers agentEthics is of utmost importance to him (proven this)Late on the 4th- $25 charge to tenantWill provide project management (taking pictures, lock box for contractors) free of chargeAverage ~ 2 year tenancyWill be providing investor referencesStandard lease- owner can’t changeProvides copy of lease to ownerPrefers owner not to contact tenant but not against policy (want to send out semi-annual survey for their review of management/property)No repairs w/o owner permission (unless emergency)Drive by inspections often2 evictions last year- not tenants they placedAs an agent they are the most geared toward investors in the areaCharges ½ 1st mo rent and 10%Red flags-Current late fee is only $25 (brokered company rules)- they have a meeting next week to discussHave tenant submit background check through online platform- I’ve found tenants to be lazy and would rather you do thisNo annual/semi-annual inspections- said they check smoke detector batteries/change furnace filter once per yr

You will have to replace tenants fairly regularity every year or so.  

Demonstrates your commitment to the property: "here's the condition it is in, this is the condition it will need to be returned in, I will be around on a routine and regular basis," etc.And, almost every tenant I have shown a property to on behalf of my own or a clients' has told me that most properties they had previously viewed had a lock box on it, was dark, dirty, smelled "funky" (someone had used the toilet), had trash in the yard, more. 

Putting together an Ikea table is a hell show for me, but for them it's just regular.

Any old furnace should be cleaned and inspected on a regular basis.

@Dilini Peiris I would not add locks to the storm doors, it encourages people to not close the regular entry door.

Deal flow - you need a solid deal finder who can find undervalued deals regularly that you can continue to pull all or nearly all of your money out.2.

In the meantime, consider using bed covers, thorough cleaning, keeping items off the floor, setting up bed traps, and regularly washing sheets to mitigate the issue.

The next several months were extremely stressful; the tenants left, I watched my bank account get lower by the day, and I spent every waking hour trying to figure out a solution. ...for weeks, I thought I was headed for bankruptcy, and I assumed the entire house would need to be razed (who would buy a house that has regular, unpreventable floods?).