As a log-time professional property manager, we have often seen properties that are owner-managed by well meaning, but ill-advised owners.  Cheap is expensive.  Professional property managers do this day in and day out.  We have vetted contractors, well-defined systems, and years of knowledge and experience in regards to laws, ordinances, and policies.  Several times a year we take on new owner-managed clients who discover after the first year that their net proceeds have increased 20-50%, even after the management fees are subtracted.