We had a client that bought in Port huron and then ended up selling their property because they went through 3 PMCs and gave up trying to find a great one:(Some copy and paste advice below:--------------------------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, 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.

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

- Trying to meet the unrealistic expectations of newbie investors is tough/impossible for even the best PMCs!

@Ethan Slater here's some info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Expect rates to be higher with CLTV capped at 70%. 

(It sounds like you might have done that already) If you have a realtor in that market maybe ask them what the comps are for your unit to make sure it's not higher than you expect.

If the pipe is 50 years old and had a life expectancy of 30 years, they're going to argue it was due to lack of care on your part and try to deny the claim. 

I started with multifamily but price expectations have gotten out of control.Just refinanced my multi-tenant retail property and pulled out much more cash than I put in. 

So you can expect a discount to get to that point..

Hi everyone, I was curious what might be some of the biggest problems to you run into while managing your properties? (Tenants not paying on time, keeping track of payments ect..)