So this is an interesting question that I get asked when I am speaking at seminars to investors and home owners and the answer is always different for everyone.
So here is what I tell most people:
Do you lose sleep worrying about your house being vacant?
Do you wonder if you find a tenant how you will know if they are a good tenant or not?
Do you spend long hours on your primary job and then find you never have enough time to work on your rental properties?
Do you have more on your plate than you can handle and something is suffering?
Do you ever wonder if this is the most productive use of your time?
If the answer to any of those questions is "Yes" then I think it is time to hire a property manager. Its not that expensive as most managers charge about 8 to 10% of the monthly rent, so if you are renting your house for $1,200 per month its about $100. The real key is that a good manager frees your time so you can do something else.
How much have you lost while your house has been vacant? How much do you make an hour at work that you are forfeiting by trying to rent your home? How many sleepless nights have you had worrying about renting your house? have you ever put in a bad tenant casue you didn't screen them and were desperate?
Maybe its time to find a property manager?