@Vasudev KirsWe have a condo and have done it both ways where we had a pm and didn’tWe started off without one and over time went to one, it was more due to the headache of finding new tenants and dealing with repairs / turnover.

The market has really taken off these past few years. 

So if your strategy is to use rentals to cover the delta between your current mortgage and the mortgage of your dream home, you’re probably 10-15 years off from being able to do that.

Having a virtual number has been necessary to allow me to scale and to take some time off occasionally.

Ask them when they issue distributions (anything before the 15th of the month is a red flag), do they require reserves, how is maintenance charged, do you see copies of outside contractor bills, do they upcharge materials (PM's have LAR accounts with Lowes and often get 20% off), do they keep all late fees or just the management fee, what other fees do they charge (renewals, inspections, etc), where are tenant security deposits held, how are evictions handled and are you consulted before filing, what screenings do they run, what qualifications do they require from tenants, ask for a couple other owners to visit with for a reference. 

Rent-by-the-room, STR or MTR a basement that can be locked off, buy a duplex and rent the other side.

I see a lot of that here as insurance cost can throw a deal off. 

Either way, yes it is a write-off. 

I've got an agent who sends me deals, some of which are off-market, contractors who can do the work, a hard-money lender who seems to offer good terms, and a property management team I trust.

You can only do this if the deal is off-market.