Why would you want to be totally hands-free? Even with a professional managemnet in place, I would suggest that you stay involved minimally. There are several stories out there where well known professional management companies ran "hands-off" owners down the tube. For such small units, I will suggest that you have several contractors on hand that can do basic unit turns, clening and small renovations and repairs for you. Once you have a couple of relaible contractors in place, have self addressed, stamped envelopes provided to your tenants, and have them mail the rents directly to you. Then make it a point to visit the property once a week for about an hour or two. To be totally hands free is a recipe for disaster in my view, especially with such a small unit.
Aug 8, 2011