If you can purchase several properties then for sure you also have the capacity of hiring and paying property managers to watch over those houses. Dealing with tenants is one of the most difficult tasks you can imagine. As much as you would like to maintain a positive relationship between you as a landlord and the people renting from you conflicts are quite inevitable in the business.
Late payments are common given the economy. As much as you expect that checks are well funded when you receive them, some tenants simply forget to notify you that they do not have the funds which lead to bouncing checks and penalties. For you as a landlord, you suffer not just from the delay and agony of not having your rental income but you go through the hassle of collection too.
Some tenants are just too hard headed that they will do whatever they want. They will drill holes, put wires and once they leave your property it seems like a hurricane just passed through your house. Home maintenance is also one of the jobs of a property manager. As long as you get lucky and hire a responsible and well experienced property manager you will have your property well taken cared of.
Going down to the costs, it wouldn’t be too high as you might have expected. A 10% fee is charged on the total rental income. The dirty job of dealing with tenants is handed over to them. We hope that everything goes on seamlessly but expect some flaws as they are human too. At least now, you just have to deal with one person instead of dealing with all of your tenants every single day. That would mean less stress even if it would mean not getting your rental income 100%.