If you have the time, its best to do it yourself. This will give you the experience you need to manage your most valuable asset. Its very important to be aware of the landlord tenant laws of your city and state as well as Federal fair housing laws. Tenants are savvier now that the internet has provided all of us with the tools to find anything.
The most appropriate times to hire a manager are:
Distance: If the property is more than two hours drive, you may not want to go that distance every time there is a minor emergency or tenant problem. How or who would handle serious emergencies.
Small Ones: If you have a very small property such as a single family home or a duplex, it may be difficult to absorb the annual fees, often 6% of annual rentals.
Large Ones: If your property is too large you should understand that this will be your full time job. If that isn’t satisfactory, then your building is a good choice for management. In this case the management costs may very well be absorbed by rental income. You do need someone to watch the property and property managers have insurance and can provide good cover in case of a problem tenant.
Sick of It: That’s a good time to pass the buck. If you can afford it then there is no need for you to have the hassle.
Caveat: Management companies make a good side income on in house handyman fees. This can boost expenses; » Read more: When to Hire a Property Manager