Challenges?

Challenges?

Challenges?

I was wondering who might be brave enough to share any unexpected pitfalls/struggles that they encountered by being their own property manager of a multi unit apartment.As I began thinking about managing a multi-unit (especially one such as a 10-30 unit dwelling), I tried to think outside the box about possible unforeseen challenges outside of the typical calls "my sink doesn't work" or "my toilet doesn't flush". 

Challenges?

We faced a lot of challenges that made it way over budget and take longer than expected.

Also, finding good deals in a timely fashion is a challenge these days.I would think the operating agreement of the LLC would make it difficult for the GP to effect a 1031 exchange unless he effectively bought out the LPs, removing them from the entity.

Although this is common in the DC area (where I own one rental) it is not as common in NOLA and it has created a few challenges.

As someone just starting, this could be challenging to find, but if you can find someone to take that position, it could help you get started sooner.  

It sounds like your mindset was the biggest challenge.