Tips For Newbies - Property Managers
I was just now reminded of this by an email that I received.
If you want to own rental properties, I highly recommend that you use a competent Property Manager (PM). But even so, you will have to manage your manager. Check every statement. Stay on top of them about people who do not pay (so that they will stay on top of the people who do not pay).
Like I said, check every statement. My most recent statement contained an error for an expense that was charged to me. It was actually an expense that should have been charged to a different property owner. Honest mistake, but these things do happen and you do need to check for them. It's not truly "passive" investing.