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Property managers handle tenant screening, rent collection, maintenance coordination, lease management, financial reporting, and legal compliance. They act as the intermediary between property owners and tenants, typically charging 8-12% of monthly rent.

Run credit checks (680+ is strong), verify employment and income (3x monthly rent minimum), check previous landlord references, and run criminal background checks. Fair housing laws require consistent criteria for all applicants.

Landlords must maintain structural integrity, major systems (plumbing, electrical, HVAC, heating), and habitability standards. Tenants are typically responsible for minor repairs and any damage beyond normal wear and tear.

Cap rate = annual net operating income / property value. Cash-on-cash return = annual cash flow / cash invested. Good residential rentals typically show 6-10% cap rates, though this varies by market and property type.