I looked into Google PPC ads and Performance max ads, but after spending hours creating my ad, it was going to cost about $65/day to be competitive in my area. 

There can be big costs to join this group, but if you follow the system and need a lot of mentorship, it might be worth the investment.

I worry that taking on more myself and figuring it out as I go will take longer and end up possibly even costing more than hiring it out.

If it has not been cashed, I would cancel the check and provide a new one less the cost to cancel the old check.

Property taxes are relatively low.

You're missing the forest for the trees.Sure, it'll cost you to go after them.

The biggest pitfall is when a landlord tries to be "nice" - non-paying tenants are literally stealing from you, treat them like the criminals that they are.To calculate reserves for vacancy costs We average about 2-3% vacancy across our portfolio, I use 5% as the number for reserves.

The $2,000 renovation budget presented a low-risk opportunity.

Do I need a *business* checking account to accept rent payments and pay for maintenance/repair costs as they arise?

These are some of the ways the clients could be affected by property managers who are not prepared: Extended VacanciesInadequate marketing strategies and tenant screening processes can result in prolonged vacancy periods, translating into substantial lost rental income.High tenant turnover due to poor resident relations further exacerbates vacancy losses.Inadequate Maintenance and RepairsNeglecting preventive maintenance and delaying necessary repairs can lead to accelerated property deterioration and higher long-term repair costs.This can also negatively impact tenant satisfaction, contributing to higher turnover rates.Legal and Compliance IssuesLack of knowledge or disregard for landlord-tenant laws and regulations can expose investors to costly legal disputes and penalties.Failure to properly handle security deposits, evictions, or fair housing practices can result in significant financial liabilities.Ineffective Financial ManagementInaccurate budgeting, expense tracking, and financial reporting can lead to uninformed decision-making and missed opportunities for cost savings.Failure to optimize tax strategies and leverage available deductions can further reduce net returns.Diminished Property ValueInadequate maintenance, high vacancy rates, and poor tenant screening can negatively impact a property’s perceived value and appreciation potential.This can significantly affect the long-term return on investment when it comes time to sell the asset.While a 10% management fee may seem reasonable for a well-performing property manager, the cumulative impact of mismanagement can quickly escalate the effective cost to investors, potentially outweighing any perceived savings on the management fee itself.