As for mangement firm, no way unless remote, like two plus hours away.
The work is two fold, screening and selecting a tenant and operations grunt work.
The grunt work boils down to cashing the check, scheduling preventative stuff like AC/Hvac service twice a year and handling the hopefully odd as in (annual) call for something flaking out. Plus the annual visit to view the rental for wear concerns. Granted, a condo for a single something in a party zone may have completely different ops requirements.
The screening work is the critical part. Review the credit situation, talk and LISTEN to the tenant and pick.
When the tenant moves out, you schedule cleanup, listing and refurb if needed. Repeat screening process. Done right, no reason to not have a tenant that stays long term.
A PM firm will churn your tenants as most have clauses where they get tenant placement and listing fees.
