Blueboy

I have never used one for my property,s. I know people that have and said
by the time managers took out their 10% and maint fee,s there was never
anything left.

redpoint5

I've got a 4 unit rental that is my "primary residence". I "lived" there while I fixed the place up for a couple weeks, and ever since have been renting it out. I'm not advocating you do this, but I imagine as long as you make your payments on time, the lender won't ever know it's not a primary residence and won't care.

I'm paying my property manager 10% and it's the only way I can do it since I'm 2500 miles away. She is terrible at communication and slow at getting estimates and projects done. However, she does a good job keeping the place occupied, collecting rent, handling deposits, scheduling minor repairs, keeping the property landscaped, adjusting rents based on the market...

Last month I grossed $1415 and netted $1116 after fees/maintenance. After paying mortgage and insurance, I'm looking at $550 net profit. (yes, I'm a slumlord)

My experience has been positive, and I plan to make another purchase soon. First find out how much you could rent the place out for, and then run the numbers to make sure it covers all expenses.