I would warn you against that.

While we don't necessarily have the time to manage the properties 100% ourselves, we at least do have the flexibility to be moderately involved and plan to keep the property manager accountable and regularly undergo thorough audits of incurred expenses (i.e. request bigger ticket items $150-$200< to be submitted etc).Through a mentor (very large SoCal real estate investor involved in large Industrial, retail, and with vast experience in SFH-MF), I've been seriously advised against hiring a property manager - he's warned that while the baseline fees appear to be a good deal, the inflated repair bills, stalled evictions, and mismanagement will eat up cash flow and money out of pocket will be needed to make mortgage payments - even with the best PMs.Out of curiosity, what has your experience been like with property managers?

Like I said, just a note and a warning - when someone you rent too, moves someone else in, immediately raise the rent - put limits on how many pets are allowed and if, more are wanted or moved in, immediately ask for a larger pet security deposit.I had this happen to me - I rented to an adult male, with an adopted son - a few months later, I noticed an older woman there.

Surprise with no warning, when they arrived at their leased home with their moving truck the owner said, "Oh, sorry, the place just sold this very minute and I didn't have time to even call you.  

I didn't monitor any of my tenants until/if I got a complaint from another tenant or I just happened to observe or hear some behavior that I needed to give them a warning about.So, in my case, since I lived in the same building, if they were throwing a loud party, I'd usually see or hear it.  

Would you advise any "warning" or "heads-up" before the closing date?  

I verbally warned them about the swing, and also had them get basic renters insurance (it is in the lease). 

He received a couple warnings, and then I ended up giving him 30 days notice to move out.

If there are kids in the home I'd caution against having it turned off without a certified letter of notification with a 30 day warning. 

@Matthew Kreitzer gives a solid warning here. . .