DIY or property manager?
Taking a do-it-yourself approach will save money but there are many pitfalls involved in meeting the legal obligations of a landlord, and it can take time and money to deal with tenants, property inspections and co-ordinate property repairs.
Most landlords choose a property manager, and you can expect to pay fees averaging around 7% of the rental income for this service though this may be negotiable.
No matter whether you take a DIY approach or you use a property manager, it’s good to personally inspect the property at least twice a year. This will identify any potential tenancy or maintenance problems before they become a major issue.