Quote from @James McGovern: What I find misleading in these discussions are1. should pm be held responsible for choosing a bad tenant and any associated eviction expenses 2. what is a reasonable markup on top of whatever a contractor charges3. what reports should landlords receive on at least a monthly basis4. how frequently should a pm put eyes on the property 5. should a pm be held liable for vacanciesI'll play:)1) Only if:- They don't follow their own procedures- The owner doesn't pressure them about the length of vacancy, forcing bad decisions.- Also depends on if Class A, B, C or D property, which impacts probability of default no matter what PMC does.2) Negotiable, but most PMC's charge an hourly rate, which includes their markup.

They can also turn the video into a written procedure for you to critique.Then they know what your expectations are.

I should have clarified this is my original post, but we are not all that concerned with the late payments, because the tenant does eventually get it in (and we collect a late fee), I was more curious about should we have a procedure in place that notifies us after "x" amount of days with a status update.

:You now have permission to invest in anyway way you see fit and to suffer the consequences.If you can't distinguish between actions in investing that are taken when proper procedures are followed, versus actions to avoid disaster when proper procedures aren't followed, you will have an interesting experience.Advice to avoid disaster is almost always different than advice that is considered "the norm". 

UNLESS the investor has deep and specific knowledge and expertise in specific jurisdictions, where they not only know all aspects of the legal procedures, but know the geographical area so well they’re able to identify the positives and negatives of every property up for bid.  

Having said that, none of us doing our own dental work, right?

Tenants could pay directly through the app, and it gave me an easy way to track payments and send reminders if rent was late.For non-payments or eviction processes, I’d definitely suggest looking into the specific laws for the state your properties are in, since procedures can vary a lot.

That distinction feels huge, especially for me being out of state.My biggest concern has been how to make sure I’m working with someone trustworthy before I commit, and the points you listed (vacancy times, tenant screening specifics, maintenance procedures, and references from other out-of-state owners) give me a great framework to start with.I’ll definitely keep those red flags in mind — better to walk away early than be stuck with the wrong PM later.

There are 100 ways to circumvent the testing procedures. 

As noted earlier, draw procedures can also greatly impact true cash requirements.