A Practical Blueprint for Building Wealth Through Property Investment
Introduction: Why Real Estate Investing Still Makes Sense
Real estate has created more millionaires than any other asset class in American history. Despite economic cycles, interest rate fluctuations, and market volatility, property ownership remains one of the most reliable paths to building generational wealth. In 2025, with mortgage rates elevated and housing affordability at historic lows, many potential investors wonder if now is still the right time to enter the market.
The answer, as with most investment questions, is nuanced. While the easy money of 2020-2021 has evaporated, today’s market rewards educated, strategic investors who understand fundamental principles and execute disciplined strategies. This guide provides a comprehensive roadmap for building a profitable real estate portfolio in the current environment.
Whether you’re a complete beginner evaluating your first rental property or an experienced investor seeking to optimize your existing holdings, the strategies outlined here will help you navigate today’s complex market and position yourself for long-term success.
Understanding Real Estate as an Asset Class
The Four Profit Centers of Real Estate
Unlike stocks, bonds, or other paper assets, real estate generates returns through multiple simultaneous channels. Understanding these “four profit centers” is essential to evaluating any property investment.
Cash Flow
Cash flow represents the monthly or annual income remaining after all expenses are paid. In simple terms: monthly rent minus mortgage, taxes, insurance, maintenance, vacancy, and management costs equals your cash flow.
Positive cash flow properties put money in your pocket each month. Negative cash flow properties cost you money to maintain, though they may still be worthwhile if appreciation or tax benefits justify the carrying cost.
In 2025’s higher interest rate environment, achieving positive cash flow on newly acquired properties has become challenging in many markets. The “1% rule” that once guided investors—where monthly rent should equal at least 1% of purchase price—now applies to far fewer properties. Investors must be more creative, seeking value-add opportunities, house hacking arrangements, or alternative financing to achieve positive cash flow.
Appreciation
Property values tend to increase over time due to inflation, supply constraints, economic growth, and population increases. While not guaranteed, historical data shows U.S. home prices have appreciated an average of 3-5% annually over long time horizons.
Appreciation comes in two forms:
Market appreciation occurs naturally as the overall market rises. You benefit passively by simply owning property in a growing area.
Forced appreciation results from improvements you make to the property. Renovating kitchens and bathrooms, adding square footage, or improving curb appeal can increase value beyond general market trends.
Smart investors target markets with strong appreciation fundamentals—job growth, population increases, limited new construction, and improving infrastructure. They then force additional appreciation through strategic improvements, compounding returns beyond passive market gains.
Loan Paydown
Each month, your tenant’s rent payment pays down your mortgage principal. This loan amortization builds equity automatically, even if the property doesn’t appreciate at all.
On a typical 30-year mortgage, early payments go primarily to interest, with only small amounts reducing principal. However, as the loan ages, an increasing percentage goes toward principal paydown. By year 15, roughly half of each payment reduces the loan balance. By year 25, the vast majority pays down principal.
This “forced savings” mechanism is powerful. Over 30 years, tenants essentially buy you a property worth hundreds of thousands of dollars, even if you never add a dollar of your own money beyond the initial down payment.
Tax Benefits
The U.S. tax code favors real estate investors through multiple provisions:
Depreciation allows you to deduct a portion of the property’s value each year (currently 1/27.5th annually for residential property), reducing taxable income even while the property likely appreciates in actual value.
Mortgage interest deduction allows you to deduct interest paid on investment property loans, significantly reducing taxable income in the early years of a mortgage when interest comprises most of the payment.
Property tax deduction makes property taxes paid on investment properties fully deductible.
1031 exchanges allow you to defer capital gains taxes when selling one investment property and purchasing another, enabling you to compound wealth tax-free through multiple transactions.
Pass-through deduction provides an additional 20% deduction on qualified business income for many real estate investors structured as LLCs or partnerships.
For high-income professionals in elevated tax brackets, these benefits can save tens of thousands of dollars annually. Real estate’s tax advantages often make it more attractive than comparable investments with similar pre-tax returns.
Investment Strategies for Different Goals and Experience Levels
Strategy 1: House Hacking (Best for Beginners)
House hacking—purchasing a multi-unit property, living in one unit, and renting the others—remains the single best strategy for first-time investors.
How It Works
Purchase a 2-4 unit property using an FHA loan (as low as 3.5% down) or conventional loan (as low as 5% down for primary residence). Live in one unit while renting the others. The rental income from your tenants covers most or all of your housing costs.
Advantages
Low entry barrier: Owner-occupied financing requires far less down payment than investment property loans (typically 20-25%).
Reduced risk: You live on-site, making property management simpler and allowing you to address issues immediately.
Accelerated equity building: Your tenants pay most or all of the mortgage while you build equity in a property that would be difficult to afford as a pure investment.
Learning opportunity: You gain hands-on landlord experience on a small scale before expanding to larger portfolios.
Example Calculation
Purchase price: $600,000 duplex Down payment (5%): $30,000 Mortgage payment (6.5%, 30 years): $3,420/month Property taxes, insurance, maintenance: $800/month Total housing cost: $4,220/month
Rental income from second unit: $2,200/month Your net housing cost: $2,020/month
Instead of paying $2,500+ for a comparable apartment, you pay $2,020 to live in a property you’re building equity in. After one year, you’ve built roughly $6,000 in equity through principal paydown, plus whatever market appreciation occurred.
After satisfying the one-year owner-occupancy requirement, you can move out, rent both units for a combined $4,400+/month, and potentially achieve positive cash flow while living elsewhere (or repeating the process with another house hack).
Challenges
Living alongside tenants requires tolerance for noise, loss of privacy, and occasional conflicts. Property management responsibilities don’t end at 5 PM—you’re always “on duty” for emergencies. Finding properties that make financial sense in expensive markets can be difficult.
Best Markets for House Hacking
Look for cities with strong rental demand, reasonable property prices relative to rents, and legal allowance for multi-family properties in residential zones. Midwest and secondary markets (Pittsburgh, Cleveland, Indianapolis, Memphis) often provide better house hacking opportunities than expensive coastal cities.
Strategy 2: Buy and Hold Rental Properties
The classic real estate investment strategy involves purchasing single-family homes or small multi-family properties and holding them long-term as rentals.
Target Property Profile
Successful buy-and-hold investors focus on properties with:
- Purchase price at or below market value (through distressed sales, motivated sellers, or emerging neighborhoods)
- Strong rental demand (near jobs, universities, hospitals, or other stable employment centers)
- Quality tenant pool (middle-class neighborhoods attract more reliable renters than either luxury or very low-income areas)
- Manageable maintenance (newer construction or recently updated homes reduce repair costs)
- Appreciation potential (growing cities, improving neighborhoods, infrastructure development)
Evaluating a Rental Property
Use these key metrics to assess whether a property makes sense:
Cap Rate (Capitalization Rate): Annual net operating income / purchase price. Higher cap rates indicate better returns. Most investors target minimum 6-8% cap rates, though this varies by market.
Cash-on-Cash Return: Annual cash flow / cash invested. Measures return on your actual out-of-pocket investment. Target 8-10%+ for most investors.
Gross Rent Multiplier: Purchase price / gross annual rent. Lower is better. Most successful rental properties fall between 8-12.
Debt Service Coverage Ratio: Net operating income / annual debt service. Ratio above 1.25 indicates comfortable cushion to cover mortgage even with some vacancy or unexpected expenses.
Example Deal Analysis
Purchase price: $280,000 Down payment (25%): $70,000 Closing costs: $8,000 Total cash invested: $78,000
Monthly rent: $2,400 Mortgage payment (6.5%, 30 years): $1,330 Property tax: $280 Insurance: $120 Maintenance reserve (5% of rent): $120 Vacancy reserve (5% of rent): $120 Property management (8% of rent): $192 Total expenses: $2,162
Monthly cash flow: $238 Annual cash flow: $2,856
Cash-on-cash return: $2,856 / $78,000 = 3.7%
This return seems modest, but remember you’re also benefiting from appreciation, loan paydown, and tax benefits. When you include these factors, total returns typically exceed 12-15% annually.
Long-Term Wealth Building
The real power of buy-and-hold investing emerges over decades. Consider this scenario:
You purchase five rental properties over ten years, investing $80,000 in down payments and closing costs per property ($400,000 total invested). Each property generates modest $250/month cash flow initially.
After 20 years:
- Loan balances have decreased by approximately 40%, building $400,000+ in equity through paydown
- Properties have appreciated at 4% annually, adding another $600,000+ in equity
- Cash flow has increased as rents rose but mortgages stayed fixed, now generating $3,000+ monthly combined
- You own $1.5+ million in real estate with equity exceeding $1 million
This wealth accumulation occurs through disciplined execution of a simple strategy, allowing time and tenant payments to do the heavy lifting.
Strategy 3: BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat)
The BRRRR strategy has gained popularity among investors seeking to scale portfolios quickly with limited capital.
How the BRRRR Method Works
Buy: Purchase a distressed property below market value, typically paying cash or using short-term financing.
Rehab: Renovate the property to market standard or better, forcing appreciation through improvements.
Rent: Place quality tenants and stabilize the property with reliable rental income.
Refinance: Once renovated and occupied, refinance into a long-term conventional mortgage based on the new, higher appraised value. This pulls out most or all of your invested capital.
Repeat: Use the refinanced capital to purchase and renovate another property, scaling your portfolio without continuously injecting new money.
BRRRR Example
Purchase price: $180,000 (undermarket due to condition) Renovation costs: $50,000 Total invested: $230,000
After-repair value: $320,000 Rent: $2,600/month
Refinance at 75% LTV: $240,000 loan Cash returned: $240,000 – $0 (no existing mortgage) = $240,000 Capital left in deal: $230,000 – $240,000 = -$10,000 (you actually pulled out MORE than invested)
Now you own a $320,000 property with $80,000 in equity, generating positive cash flow, while having your original capital (plus an extra $10k) available to invest in the next deal.
Keys to BRRRR Success
Buy right: You must purchase significantly below market value. If you overpay initially, the strategy falls apart.
Accurate rehab estimates: Underestimating renovation costs leaves you with capital trapped in the deal.
Conservative refinance assumptions: Don’t count on refinancing at 80-90% of after-repair value. Use 70-75% to ensure sufficient capital extraction.
Strong rental market: The property must command rents that support the new, larger mortgage after refinancing.
Access to capital: You need cash or short-term financing (hard money, HELOC, partners) to fund initial purchases and renovations.
Challenges
BRRRR requires more expertise than buy-and-hold investing. You must accurately assess repair costs, manage contractors, and time refinances properly. Delays can cost thousands in carrying costs. Rising interest rates can make refinancing less attractive than anticipated.
For experienced investors with construction knowledge and access to capital, BRRRR accelerates portfolio growth dramatically. Beginners should master buy-and-hold basics before attempting this more complex strategy.
Strategy 4: Short-Term Rentals (Airbnb/VRBO)
Short-term rentals through platforms like Airbnb and VRBO can generate significantly higher returns than traditional long-term leases—if you choose the right property and market.
When Short-Term Rentals Make Sense
Properties in vacation destinations, near tourist attractions, in business travel hubs, or offering unique experiences can command nightly rates far exceeding monthly rent when divided by 30.
For example, a property that would rent long-term for $2,500/month might generate $150-250+ per night as a short-term rental. Even with 60% occupancy (18 nights per month), you’d earn $2,700-4,500 monthly—often with higher margins since many operating expenses remain fixed regardless of rental type.
Best Markets for Short-Term Rentals
Vacation destinations: Beach towns, mountain ski areas, lake communities, national park proximity Major cities: Business travelers and tourists need accommodations in urban centers Event-driven locations: College towns during football season, cities with major conventions or festivals Unique properties: Treehouses, tiny homes, architectural gems, farms, vineyards
Operating Considerations
Short-term rentals require more active management than traditional rentals:
- Constant turnover means regular cleaning and maintenance between guests
- Guest communications and booking management demands time or hired help
- Furnishing and outfitting properties involves upfront costs
- Seasonal demand fluctuations create income variability
- Platform fees (typically 3% for hosts, 15-20% for guests on Airbnb) reduce net income
- Local regulations may restrict or prohibit short-term rentals
Financial Analysis
Purchase price: $350,000 Down payment: $87,500 Furnishing and setup: $15,000 Total investment: $102,500
Nightly rate: $200 Cleaning fee per stay: $100 Average occupancy: 20 nights/month
Monthly revenue: (20 nights × $200) + (4 stays × $100 cleaning) = $4,400 Platform fees: $132 Mortgage: $1,980 Property tax and insurance: $450 Utilities: $200 Cleaning service: $400 Supplies and maintenance: $300 Property management (25% of revenue): $1,100 Total expenses: $4,562
Monthly cash flow: -$162
At first glance, this appears to barely break even. However, during peak season (summer, holidays), occupancy might reach 28+ nights at $250+ nightly rates, generating $7,000-9,000 monthly revenue and covering slower winter months.
Regulatory Risks
Many cities have implemented restrictions on short-term rentals in response to concerns about housing affordability and neighborhood character. Before purchasing a property for short-term rental, research:
- Local zoning ordinances and short-term rental regulations
- HOA rules (many prohibit short-term rentals)
- Licensing and registration requirements
- Occupancy taxes and reporting obligations
- Potential for future regulatory changes
Properties purchased specifically for Airbnb with assumptions of high nightly rates can become financial disasters if regulations change and force conversion to traditional long-term rentals at lower monthly rates.
Finding and Evaluating Investment Properties
Where to Find Deals
MLS (Multiple Listing Service)
The MLS, accessed through real estate agents, lists most properties for sale. While competitive, the MLS offers the advantage of professionalized listings with detailed information, photos, and clear transaction processes.
Tips for finding deals on MLS:
- Search for “motivated seller” indicators like “price reduced,” “bring all offers,” or properties listed 60+ days
- Target estate sales, divorces, and out-of-state owners (often more negotiable)
- Use saved searches with email alerts to see new listings immediately
- Build relationships with agents who will notify you of pocket listings before they hit MLS
Off-Market and Wholesalers
Off-market properties never appear on public listing services. Wholesalers specialize in finding these deals, getting them under contract, and selling the contract to investors for a fee.
Advantages: Less competition, often below-market prices, opportunity to see deals before they’re widely marketed
Disadvantages: Wholesale fees add cost, properties often need significant work, less legal protection than MLS transactions
Direct to Seller Marketing
Sophisticated investors generate their own leads by marketing directly to property owners:
- Direct mail to owners of vacant, distressed, or high-equity properties
- “We Buy Houses” online advertising
- Door-knocking in target neighborhoods
- Networking at real estate investor meetups and conferences
- Driving for dollars (identifying distressed properties and contacting owners)
This approach requires significant time and marketing budget but can uncover excellent opportunities competitors never see.
Foreclosures and REO Properties
Banks and government agencies (FHA, VA, Fannie Mae, Freddie Mac) sell foreclosed properties, often below market value to quickly clear inventory.
Search foreclosure listings on:
- Bank websites (Wells Fargo, Bank of America, Chase all have REO departments)
- Fannie Mae HomePath
- Freddie Mac HomeSteps
- HUD HomeStore (for FHA-insured properties)
Understand that foreclosures typically sell as-is, meaning you accept all defects and may face extensive repairs. Inspection periods are limited or non-existent, and competition can be fierce for attractively priced properties.
Auctions
Both online (Auction.com, Hubzu) and in-person courthouse foreclosure auctions offer opportunities to purchase properties, sometimes at substantial discounts.
Auction purchases carry significant risks:
- Often no inspection opportunity before bidding
- Properties may have liens, back taxes, or other title issues
- Buyers typically need immediate payment in cash or certified funds
- No financing contingencies or ability to back out after winning
Only experienced investors should participate in auctions, and even then, only after thorough title research and property evaluation to the extent possible.
Due Diligence: What to Investigate Before Buying
Financial Analysis
Create a detailed proforma income statement projecting revenues and expenses:
Income:
- Gross rental income (conservative market rent, not optimistic projections)
- Other income (parking, storage, laundry facilities)
Expenses:
- Mortgage payment (principal and interest)
- Property taxes
- Insurance (hazard, flood if required, landlord liability, umbrella policy)
- Utilities (those not paid by tenant)
- Property management (8-10% of rent even if self-managing, to account for your time)
- Maintenance and repairs (5-10% of rent)
- Vacancy allowance (5-10% of rent)
- Capital expenditure reserve (10-15% of rent for eventual roof, HVAC, appliances)
- HOA fees (if applicable)
Compare projected cash flow against your minimum return requirements. Remember that surprises are almost always negative—budget conservatively.
Property Inspection
Always conduct professional property inspections, even if you have construction experience. Inspectors may identify issues you’ve overlooked, and their reports provide negotiation leverage or justification to walk away from problematic properties.
Key areas to evaluate:
- Foundation and structural integrity
- Roof condition and remaining life
- HVAC systems age and functionality
- Plumbing (look for old galvanized pipes, signs of leaks)
- Electrical (adequate service, grounded outlets, no aluminum wiring)
- Pest damage or active infestations
- Environmental issues (mold, lead paint, asbestos, radon)
Budget for repairs identified during inspection, plus a cushion for items that weren’t apparent. A $10,000 inspection-identified repair list often becomes $15,000 once work begins.
Title Search and Insurance
Title companies search public records to ensure the seller has clear legal ownership and the right to sell the property. They identify:
- Outstanding mortgages or liens
- Unpaid property taxes
- Easements restricting property use
- Boundary disputes or encroachments
- Judgments against the current owner
Always purchase owner’s title insurance to protect against undiscovered title defects that could threaten your ownership.
Neighborhood and Market Research
The property’s physical condition matters, but location determines long-term investment success. Research:
Crime statistics: Check local police department data and sites like NeighborhoodScout. High-crime areas struggle to attract quality tenants and appreciation suffers.
School quality: Even if you’re renting to non-families, school quality affects property values and appreciation. Use GreatSchools.org for ratings.
Employment: Areas with diverse, growing employment bases outperform those dependent on single industries. Check Bureau of Labor Statistics data.
Infrastructure and development: New transit lines, hospitals, corporate headquarters, or retail centers often drive appreciation. Monitor local planning commission agendas.
Rental demand indicators: Low vacancy rates, rising rents, and quick tenant placement suggest strong markets. Talk to local property managers about market conditions.
Rent Comparables
Verify that your projected rent is realistic by researching comparable properties currently on the market or recently rented:
- Search Zillow, Apartments.com, and Craigslist for rentals in the same neighborhood
- Match property type, bedrooms/bathrooms, square footage, and condition
- Adjust comparables for differences (garage, yard, updates, location)
- Call on listings claiming to be interested renters, gathering information on demand and negotiability
Never rely solely on the seller’s claimed rental income. Verify independently, and budget conservatively based on market evidence rather than optimistic projections.
Financing Your Investment
Conventional Investment Property Loans
Traditional mortgages from banks and credit unions remain the most common financing method for investment properties.
Typical Terms:
- Down payment: 20-25% (higher than owner-occupied loans)
- Interest rates: 0.5-1.0% higher than primary residence rates
- Loan limits: Most conventional loans cap at $766,550 (2024 conforming limit); jumbo loans available for higher amounts
- Reserve requirements: Lenders typically require 6-12 months of mortgage payments in reserves
Qualification Criteria:
- Credit score: 680+ for most lenders, 720+ for best rates
- Debt-to-income ratio: Under 45% including all debt payments
- Cash reserves: Sufficient for down payment plus 6+ months reserves
- Rental income: Lenders typically allow 75% of expected rent to offset expenses
Pros and Cons:
Advantages: Lowest interest rates, longest terms (up to 30 years), non-recourse debt (in most cases)
Disadvantages: Strict qualification requirements, limits on number of financed properties (typically max 10), slow approval process
Creative Financing Alternatives
Seller Financing
In seller financing, the property owner acts as the bank, carrying a mortgage rather than requiring third-party financing. You make payments directly to the seller rather than a traditional lender.
This arrangement works when:
- Seller owns property free-and-clear or has low mortgage balance
- Seller seeks monthly income rather than lump-sum payment
- Property doesn’t qualify for traditional financing
- Buyer lacks down payment or credit for conventional loan
Typical seller financing terms:
- Down payment: 10-20% (negotiable)
- Interest rate: 6-8% (often between conventional and hard money rates)
- Term: 5-10 years with balloon payment (seller doesn’t want 30-year commitment)
- Payments: Usually interest-only or partially amortizing
Private Money Lenders
Private money comes from individuals (friends, family, business associates) rather than institutions. Terms are entirely negotiable, limited only by usury laws capping interest rates.
Structure options:
- Straight loan with promissory note and mortgage/deed of trust
- Joint venture partnership with profit sharing
- Equity position with ownership percentage
- Convertible debt that can transform into equity stake
Private money offers flexibility but requires strong relationships and often comes at higher costs than institutional financing.
Hard Money Loans
Hard money lenders make short-term loans (typically 6-24 months) based on property value rather than borrower qualifications. These loans work well for:
- Fix-and-flip projects needing quick closings
- Properties in poor condition that can’t qualify for conventional financing
- BRRRR strategy before refinancing into permanent loan
- Investors with credit issues or complex financial situations
Hard money terms:
- Interest rates: 10-15% annually
- Points: 2-5% of loan amount paid upfront
- Loan-to-value: Typically 65-75% of after-repair value
- Term: 6-18 months average
- Payments: Often interest-only with balloon payment at maturity
Only use hard money when you have clear exit strategy (sale or refinance) and conservative timeline. These expensive loans become financial disasters if projects drag on longer than planned.
Portfolio Loans and Commercial Financing
Once you own multiple properties and exceed conventional lending limits (typically 10 financed properties), you’ll need alternative financing:
Portfolio Loans
Some banks and credit unions keep loans “in portfolio” rather than selling to Fannie Mae or Freddie Mac. This allows them to set their own underwriting standards, often accommodating investors with many properties.
Portfolio loan characteristics:
- Flexible underwriting (may allow more than 10 financed properties)
- Relationship-based (easier to get if you bank with the institution)
- May require business accounts and commercial relationship
- Interest rates sometimes higher than conventional loans
Commercial Loans
Properties with 5+ units qualify as commercial real estate and require commercial financing:
Terms differ significantly from residential loans:
- Shorter amortization: 15-25 years (not 30)
- Balloon payments: Often due after 5-10 years
- Variable rates: Many commercial loans adjust annually
- Personal guarantee: You’re personally liable even if LLC owns property
- Stricter debt-service coverage requirements: 1.25-1.35 DSCR minimum
Commercial loans evaluate the property’s income-generating ability more than your personal finances. Strong property performance can overcome personal credit weaknesses.
Property Management: DIY vs. Hiring Help
Self-Management: When It Makes Sense
Managing your own properties saves the 8-10% management fee and gives you complete control. This approach works best when:
- You own 1-4 properties (manageable part-time workload)
- Properties are geographically close to your residence
- You have basic handyman skills for minor repairs
- You’re organized and responsive to tenant requests
- You enjoy the hands-on involvement
Self-Management Responsibilities:
Marketing and showings: Writing ads, taking photos, screening inquiries, scheduling and conducting showings
Tenant screening: Running credit and background checks, verifying employment and income, checking references, selecting qualified applicants
Lease execution: Preparing lease documents, conducting move-in inspection, collecting security deposit and first month’s rent
Rent collection: Processing monthly payments, following up on late payments, issuing notices for non-payment
Maintenance coordination: Responding to repair requests, hiring contractors, quality control on completed work
Inspections: Periodic property inspections to ensure tenant is maintaining home properly
Move-outs: Conducting final walkthrough, determining security deposit deductions, coordinating cleaning and repairs
Legal compliance: Understanding and following landlord-tenant law, fair housing regulations, eviction procedures
Professional Property Management
Once your portfolio grows, the time demands of self-management often exceed the fee savings. Hiring professional management makes sense when:
- You own 5+ properties (full-time management job)
- Properties are far from your residence
- You lack time for tenant calls and maintenance coordination
- You want to invest in markets where you don’t live
- You value personal time over the cost savings
What to Look for in Property Managers:
Experience and track record: How long in business? How many properties under management? Client references?
Licensing: Most states require property managers to hold real estate broker licenses
Leasing success: How long do their properties sit vacant between tenants? Are they finding quality tenants quickly?
Rent collection rates: What percentage of rent do they collect on time? How do they handle delinquencies?
Maintenance networks: Do they have reliable contractors for repairs? Are costs reasonable?
Communication: Do they provide regular statements? Are they responsive to owner questions?
Technology: Do they offer online portals for owners and tenants? Automated rent collection and statements?
Typical Management Fee Structure:
- Monthly management: 8-10% of collected rent
- Leasing fee: 50-100% of first month’s rent for placing new tenant
- Markup on repairs: 10-15% coordination fee (or mark up on contractor invoices)
- Renewal fees: $100-200 when existing tenant renews lease
- Eviction fees: $500-1,000 plus legal costs
Get management agreements in writing specifying all fees, responsibilities, and cancellation terms. The cheapest manager isn’t always the best—focus on quality of service and tenant retention rates rather than lowest fees.
