Property manager for small local landlords

Individual landlords, out-of-town owners, people who inherited a property and investors who don't want to deal with tenants.

A monthly management fee, often a percentage of collected rent, plus fees for finding a new tenant, lease renewals or coordinating larger repairs.

• Organized and good with detail
• Clear communication with tenants and owners
• Basic knowledge of leases and repairs
• Calm when handling disputes

• Many states require a real estate or property management license to manage rentals for others, so check your state's real estate commission before you start
• Fair housing laws apply to advertising and tenant screening, so learn them before taking on tenants
• Check rules on holding owner and tenant money, such as separate trust or escrow accounts and security deposits
• General liability and errors and omissions insurance, plus a local business license from your city or county
• Late-night repair calls and tenant disputes can be stressful, and fees depend on a small number of owners staying with you

Check this first. Many states require a real estate or property management license to manage rentals for others, so contact your state's real estate commission before you start. Also check fair housing rules, rules on holding owner and tenant money, and local business license requirements.

Startup costs are estimated at typically around $1,500 to $8,000, depending on your software, insurance, marketing and any licensing or training your state requires. Check insurance such as general liability and errors and omissions when budgeting.

Monthly revenue is estimated at typically around $500 to $4,000, depending on how many owners and properties you manage and your fee structure. Income relies on a small number of owners, so losing one can matter. The estimate assumes about 10 hours a week or more.