Starting a property management company
My parents own a duplex and they want to take a less-active role in managing it. They approached a couple property management companies in the area to get rates, then approached me asking if I would be interested in managing it for them for that rate, instead of them paying someone they don't know. I'm extremely interested, and I see this as a good entry point for starting my real estate investing. I want to treat this like a business, not just a job. For 3 months of the year, it is a vacation rental, and the rest of the time is a monthly rental. I'm sitting down with them tomorrow night to talk over the details and what the arrangement would look like. Are there any expenses that a property management company commonly incurs during the rental (eg, cleaning between renters, marketing, etc.) or are these usually all passed on to the owner?
Thanks!
Brett