So I’m a 20 year old college student looking to invest 250k with a moderately/slightly aggressive risk tolerance.

While we don't necessarily have the time to manage the properties 100% ourselves, we at least do have the flexibility to be moderately involved and plan to keep the property manager accountable and regularly undergo thorough audits of incurred expenses (i.e. request bigger ticket items $150-$200< to be submitted etc).Through a mentor (very large SoCal real estate investor involved in large Industrial, retail, and with vast experience in SFH-MF), I've been seriously advised against hiring a property manager - he's warned that while the baseline fees appear to be a good deal, the inflated repair bills, stalled evictions, and mismanagement will eat up cash flow and money out of pocket will be needed to make mortgage payments - even with the best PMs.Out of curiosity, what has your experience been like with property managers?

If users aren't posting properly, perhaps the moderators can assist.  

In total moderation, of course, but still.....an illegal activity.What happens when kids under 18 or 21 show up at the house at a college party?

I thought I was a buy and hold guy looking for good cash flow and moderate appreciation.

Typically they do not own anything of value, make a moderate to low income and change jobs on a semi frequent basis.

One way to get that bonus variance is by designating a unit for low to moderate income earners.

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I am looking for a moderately-priced (free would be best) property management software--similar to Appfolio.

Sorry, I should have been more specific:The unit is under moderate rent control meaning that when vacant, I can raise the rent to anything I want.