Not a 25 words or less answer. This is a specialty and not for part time or amateurs. If youy are serious the number you need to focus on is at least 300 properties for this to be worth while. Also know that in my state the number 2 compalints to the real estate commission after money issues is property management screw ups.

Not a quick or short answer - I've done it, for mysellf and had a business doing it and let me tell you, I couldn't wait to hand it off to someone else.

Some days it can be profitable and rewarding.

Other days you have a government person or renter picking your pocket.

Getting prone calls at 2 in the morning that something is broke.

    You need a lot of properties to make a living in property management.  Joe Pryor mentioned 300 properties in his comment.  I will ditto that!

   Oh, you will also need access to an excellent real estate attorney, to ensure legal compliance with state and local laws, and to deal with bad tenants. 

Dealing with tenants, not paying, and the calls in the middle of the night for repairs.

Low return on your time investment.  Been there, done that!

I manage my own rentals.  For the vast majority of the time, they are "set and forget".  The checks roll in and I don't hear much or anything from the tenants.

such high maintenance phases of real estate.... very high...

For those that know how and have the skills bank, it works very well. For those that don't, it works you over good. Been doing PM for decades

Tamra Lee Ulmer A thankless job that carries a lot of liability.

Pro is income if you have a lot of properties, con is lots of time, low pay for just a few and often liability and danger if rent collecting and evicting. 

I can't think of any pros!! 

Our company, as do others in our area, frowns on agents doing property management or even rentals. I guess the liability is too much for them and we are strongly encouraged to use companies that specialize in those fields.

The others have anwere.

Property management is a good business.

Today it operates BEST as a stand alone business (seperate from RE Sales)

I agree with Joe Pryor . This is a specialty and some skills needed are very different from property sales skills.

Property management is not for everyone and neither are rentals. I have done both and found PM to be challenging and rewarding. PM offers a steady income each month and rentals are fast cash plus a great way to meet potential buyers. The down side in PM is when there is a problem at night, weekends or holidays and rentals are usually immediate need so little notice for scheduling.

If you want to do it full time and do it right,  you have some great advice from Joe Pryor and Fred Griffin.

Tamra Lee Ulmer - it's up to a person - who may like that kind of job or not.

Cons are the volume and the costs. If rentals paid more I would pursue them. Property Management is NOT for the faint of heart, in many ways.

If they paid more, I'd do rentals.

The pros are the extra income - the cons are the middle of the night phone calls with a furnace that is not firing up or a flood in the basement.

Property Management can be a very lucrative income source however it is not the type of real estate I enjoy.

pros - steady monthly income

cons - dealing with people who are remarkably challenging individuals

Ditto Joe Pryor and Melissa Jackson 

Pro: Mail Box Money & equity

Cons: Repairs & Tenant variables.

Been a landlord for 27 years and a property manager longer.

I agree it's time consuming.  Our office has a leasing & property management department.  They also deal with HOA's.  If your office is set up efficiently I see this as a plus.  

Also leads into sales, not only from properties but people in those properties. Referring to maintenance calls that are frivolous I believe higher end leases bring better clientele.   

This was an awesome guaranteed income when I opened my own office.  It was a guaranteed income to pay bills and then some.  My residential and investment property sales were gravy.  I personally managed 67 units plus sold real estate.  

It depends on whose viewpoint it is.

 Realtors do it hoping they will get to list the property.

I think dealing with tenants that can't change light bulbs is not a plus. 

Tamra,

Time consuming

Answering the calls as to where is the rent money and not really being my own boss!