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> It is possible to hire a company to manage the condo or house, but that is expensive and the profits never quite arrive.

This totally depends on the purchase prices, interest rates, rental rates and other variables in a given scenario. The generalization that you can't profitably rent out a property while also paying a property manager is obviously not true.

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Yep. Generally, as the advice goes, when you're looking for a rental property to purchase, anticipate property management fees and include those fees in your profitability calculations -- regardless of whether you're going to hire a property manager or do it yourself. If the purchase does not make financial/business sense when including those management fees, then it doesn't make business sense at all, and you shouldn't buy it.

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