Some other items to note: We are absentee renters now living in SA No property manager is being used (calls come to me) We don’t have friends in the area We have a 1 yr. home warrantly through Select Home WarrantyAll of this was done prior to me knowing about BP or rental properties in general.

No, I use a HELOC for my DP.However if you do not base your calculations using a hypothetical 100% financing (regardless of your DP) you are not attributing any value to your dead equity.

After trying with my tenant manager, I was like I should just rent by room.

It has been a great way to come into the investing game as an investor and property manager. I

Devin,Here are some things to consider;Hiring a property manager is an important decision, and can be an asset for a property investor, but can also be a detriment if not chosen carefully and without some due diligence.

It's not like residential small family where the  management fee covers all the managerial tasks.

The estimated cost of paying a park operator/property manager is cutting into the cap rate on the investment. 

Cap rates were getting compressed in my local market, and with the intention to utilize a professional property manager, I expanded my search area to other markets.

If you divide that $1,350 out over 12-months, your current manager is actually costing you $180 / month for this ONE unit in fees plus lack of diligence.  

They have also disconnected the electricity and Water is still on.Since I have in writing (email) that he has moved out,1) Should I go ahead and change the locks.  2) How about the deposit and rest of the contract (which I'm least worried about)3) What do I do with furniture that is inside.My property manager is saying we will wait for few weeks and if we don't end up hearing back, we can get the furniture moved out.Any help would be appreciated.Thanks!