What are the margins in a property management company (manging other peoples properties)?

@Heshel Mangel , Is there a reason for being one on the mortgage?

Refinanced mortage will likely be $1200 a month leaving cash flow of $300 a month to mange the property.

If I could get a clean 16-20%+ IRR for 4-5 hours of due diligence, then totally passive for years after that.. why would I spend my time manging tenants, repairs, or managing the property manager every month for a 15-25% IRR?

I would never pay 30% of gross to have someone mange.

Has anyone bought property outside their state and manged to not live in it with the FHA loan or know of any other loans similar without putting 20% down on the home 7 or living within it . 

My wife and I are are moving back to north GA and have to find a property management company. This is going to be our first rental and hopefully not the last. We were originally planning on renting the house furnished...

We have self-manged properties in LLCs and in our own name. 

I've yet to hear anything good reviews about using a PM but don't necessarily have the time/desire to mange my own property, despite being local. 

I would not be opposed to managing it myself for the short term but like you said, w/ prop. mang.