The penalties for not filing are as follows (for 2018)$50 per form if you are late filing, but file within 30 days of the due date$100 per form if you are late filing, but file by August 1$270 per form for filing after August 1 or non filerThere used to be an "intentional disregard" penalty of $540 per form, but I'm not seeing it in this year's regulations.The due date is January 31, but you can get a 30 day extension if you send in the proper form.If the IRS categorizes your rental as a trade or business, it is up to you to prove that it is not. 

An unlicensed assistant cannot perform any brokerage duties.

The rules are just not black and white on this and the IRS can issue a penalty of up to $260 PER FORM depending on how late you file it as well as an additional $250 for Willful Negligence.Not worth it, imo.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

They give you a lot of flexibility which is nice but you should make sure to review it every couple years to make sure it's still performing how you want it to. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Over time the performance of property was not very good (rent were down by 3% while in market rent were up 12-15%) and therefore I decided to let go of the property management company and start managing the property.

These are material costs only as we will likely perform most of the work ourselves. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?