I am starting to understand that Property Management companies are generally not solving the problems of Real Estate Investors.My question to the community here is what is the most critical consideration when 1) choosing a property management company, 2) electing to go/stay self-managed, and 3) what is the most painful issue(s) you have with property management companies.I am looking to identify solutions to such issues and coach these companies on such solutions to garner a stronger Real Estate Investor portfolio.

Big banks are a pain in the a*# when it comes to underwriting though.You are correct that it is still a residential loan, but because it is a multi family, it has to conform to Fannie Mae standards which are sometimes more stringent than SFDs and owner occupied.

Doing a major rehab to each unit individually would disturb the other tenants who haven’t moved out yet, and would probably be a real pain to manage.What it boils down to is that I’m concerned about buying a couple of properties and then running out of money to invest.

First purchase was a singlewide trailer nightmare that taught us a lot of painful lessons.

If you are going to sand and refinish the floor, have a professional do it, it is a pain in the butt.

Some towns/cities are more difficult to deal with than others in this regard, but it is a giant pain to deal with and typically comes to light within 24 hours of closing pretty much forcing us to pay whatever to get the transaction closed.It is one of those things that you don't even think of to look out for until it happens.

I do understand that you must accumulate knowledge before jumping into investing but would appreciate if I could gain knowledge from mentors rather than learning the slow and painful way.

I feel your pain.

If you have the $ available and are sure of your value going in (don't need value confirmation of a bank appraisal) your closing costs will be at least $3k lower.Plus much less time and the pain qualifying for the loan requires.   

@Lucas Miller here’s a good summary article: https://www.reliablebackgroundscreening.com/news-and-articles/industry-news/2017/06/act-eviction-judgments-disappear-credit-reports/