My friend built a property management company from 0 → 700 units (millions in revenue).
I sat with him to learn how he scaled it, and how I could copy it:
First, why do I like property management?
• Contractual recurring revenue.
• Launchpad for doing deals.
• Negative working capital.
• No accounts receivable.
• Low capital expense.
• Great cash flow.
• No inventory.
• Sticky clients.
• Easy to sell.
The cherry on top: PM does BETTER in weak real estate markets.
Downsides: It's logistics-heavy.
Awful to run unless you steal someone else's process (like Peter's)