I am looking to buy an investment property, most likely a single family rental, and have no experience in doing so. Is there anyone out there with insight to the following topics/questions?
1.) Leasing - What are your experiences with leasing agents versus doing it yourself? From what I've read, paying out 1 month of rent is a common fee for these arrangements. What are the pros and cons of both beyond time saved and paying out the search fee to a leasing agent?
2.) Property Management / Rent Collection - Are property management companies worth the fee? Again, from what I've read, paying out approx. 1 month of rent is common in theses agreements. What mechanisms did you use to collect rent if you're doing it yourself?
3.) Eviction Process - I know this will vary state-by-state, but what are your experiences with the evicting tenants? What kind of costs did you incur? How long did the process take? What parties were needed to get involved?
4.) Other / Anecdotal Stories - I would appreciate any input to potential problems that are commonly overlooked, or any anecdotal stories that provide a bit of insight.