I have always been fairly insistent upon managing my rental properties myself, as opposed to hiring a property management company to do it for me. I had a lot of good reasons for this opinion, apparently. I actually did a three-post blog series on the issue, outlining my four primary arguments:
Part III & IV
My staunch reasoning has faded over the years as I've dealt with fires, floods, criminals, delinquents, vandals, harassers and even the police. I'm too lazy to link the associated posts to each of those nouns, but play around in the "property management" category and you'll find all those stories and more.
Today I engaged a property manager to take over two of my rentals - the two on the same street which give me by far the most trouble of any of my rentals. They can't do a worse job than I have been doing, and $300-$400 a month is honestly worth it to me now if for no other reason than so I can remember what it's like not to cringe when my phone rings.
More on this topic to follow, I'm sure.