[smeej]

At first, I was living in the 3-plex and renting out the other two units, so I figured it made sense to do it myself. I didn't account for the fact that selecting my own tenants without experience meant choosing awful neighbors, nor that I wouldn't even be able to go after them for damage after I evicted them because they knew where I lived and I couldn't trust them not to vandalize my things further.

When I moved away, I tried to hire a property manager, but as I only had 3 fairly low-priced units, none of the established managers would take me on. I naively hired someone who had strong references, but for commercial real estate, not residential, and she made the whole process such a nightmare that I gave up and sold my units. (It had become impractical to step in for her when she failed over and over again.)

Once bitten, twice shy, as they say. I took the 50% increase on the value of the property and the 3 years of covered housing expenses combined with massive internal resistance as a pretty good sign that I didn't like the process even when it was profitable.

I might try again someday, but I value the lack of stress an awful lot.

[ginkoutest]

Accounting for the 50% increase, it sounds like you walked away with a profit then. If you invested a small fraction of your monthly cash flow into a good property manager, it sounds like RE would be a good fit for you. You know the game (having had direct experience), you're aware of the financial returns on your initial capital (as well as tax benefits), and a PM would save you from the headaches you went through in the past. Is that a fair conclusion on my part?