I own 86 units, in several different cities, started 17 years ago. I have everything from duplexes, to 28 unit apartments, from nice areas to the hood.
Lots of good info out there, but it sure as hell isn't on this thread. Lots of poor information given. I've tried property management, have two currently, one in lex one in Lou, I don't know how anybody really cash flows with property management.
Somebody mentioned charging $750 per $100k. With mortgage rates for investment property, repairs, vacancy rates etc, that's a losing dog, big time. No cash flow there. Most seasoned investors use the 2% rule as a GUIDE, which means you need to get $2,000 rent for every $100,000 spent. So the $750 suggested above isnt even 1%, much less 2%. Losing advice for sure.
Read some good books, get a mentor if possible, follow the website bigger pockets. They will teach you how to buy, manage, the 2% rule, how to screen, collect, evict etc.
I've taught 3 different people the business, just helped a newbie take over an existing 60 unit book of business. Getting a mentor is key.