I’m planning on hiring a resident property manager for my small apartment building. What type of paperwork do I need?
For many landlords, hiring a resident manager to handle day-to-day details of your rental property has many benefits—not the least being that an on-site manager will free you from many of the time-consuming (and tiresome) aspects of landlording, such as dealing with late-night repair requests. And in some states, you might not have a choice as to hiring a resident manager. California, for example, requires a resident manager on the premises of any apartment complex with 16 or more units. New York City has a similar requirement for buildings with nine or more units.
But hiring a resident manager can mean some headaches, too, such as lots of paperwork associated with the following tasks:
For detailed information on the legal and practical issues of hiring a resident property manager, see Nolo’s book Every Landlord’s Legal Guide.