The Book on Managing Rental Properties

At a Glance: The PRIME Breakdown

This card provides a snapshot of the book’s core focus, helping you decide if it aligns with your learning goals.

The PRIME Takeaway:

Stop acting like a frazzled hobbyist and start acting like a CEO by implementing a “fair but firm” policy and robust systems that allow you to manage tenants without them managing you.

Who Is This Book For?

This book is the absolute “bible” for the DIY landlord. It is perfect for the beginner who just bought their first duplex and is terrified of 2 a.m. toilet calls, as well as the intermediate investor with 10-20 units who is burning out because they lack systems. It is not designed for the purely passive investor who intends to hand everything over to a third-party manager immediately (though reading this would help you manage that manager or even step into real estate syndication later).

In-Depth Review & Analysis

Do you own a rental property, or does the rental property own you? That is the uncomfortable question Brandon and Heather Turner force you to ask yourself in the opening pages of The Book on Managing Rental Properties.

If you are tired of tenants paying rent late, trashing your units, or calling you during dinner, this book isn’t just a suggestion; it’s a requirement. The genius of this book lies in its shift of [Mindset]: moving you from a “landlord” (a person who owns a building) to a “property manager” (a business owner executing a plan).

The Turners dismantle the idea that landlording is about fixing toilets. Instead, they present a comprehensive [Strategy] based on the concept of the “funnel.” Just as a sales funnel filters leads, your management systems should filter tenants. By widening the top of the funnel with massive advertising and narrowing the bottom with rigorous screening, you eliminate 95% of the headaches before they ever sign a lease.

What makes this book a 10/10 on the practicality scale is the sheer volume of [Tool] tags found within. It doesn’t just tell you to “screen tenants”; it gives you the exact phone script to use when calling a previous landlord to uncover if the applicant is a nightmare in disguise. It is a tactical manual for the Manage phase of the PRIME framework, proving that success isn’t about luck—it’s about adherence to a system.

Chapter-by-Chapter Deep Dive: The Heart of the Review

Chapter 1: So You Want to Be a Landlord?

• Summary: Sets the stage by defining “landlording” not just as collecting rent, but as the business of protecting and growing a real estate investment through careful placement and oversight of tenants.
• Our Takeaway/Insight: The authors list a terrifyingly long list of tasks a landlord does . This is a great reality check. If you aren’t willing to systematize these tasks or outsource them, you will burn out.
• Impactful Quote: “Success in rental property investing is dependent upon the effective management of that asset.”
• Quote Analysis: This reinforces the [Mindset] that a great deal can be ruined by bad management, but a marginal deal can be saved by great management protecting your cash-on-cash return.

Chapter 2: The Eight Business Attributes of a Successful Landlord

• Summary: Contrasts “Landlord A” (stressed hobbyist) with “Landlord B” (systematized business owner) and outlines eight traits of the latter, including firm-but-fair policies and a focus on outsourcing .
• Our Takeaway/Insight: The concept of “Firm but Fair” is the [Mindset] anchor of this book. Being “nice” kills businesses; being firm protects them.
• Impactful Quote: “Landlord B learned to run the business of landlording like a business. Landlord A treated it like a hobby.”
• Quote Analysis: This effectively shames the reader (in a good way) into abandoning lazy habits and adopting professional standards.

Chapter 3: Initial Steps

• Summary: Covers the Prepare phase: setting up LLCs, bank accounts, insurance, and preparing the physical property for rent.
• Our Takeaway/Insight: The advice on inherited tenants is crucial [Strategy]. You must get an “Estoppel Agreement” to verify the lease terms of existing tenants before buying, otherwise, you are buying a mystery — a risk that could wipe out positive cash flow.
• Impactful Quote: “Before anything else, preparation is the key to success.”
• Quote Analysis: Emphasizes that management starts before the tenant moves in.

Chapter 4: Fair Housing

• Summary: A mandatory breakdown of federal and local Fair Housing Laws, explaining protected classes and how to avoid discrimination lawsuits.
• Our Takeaway/Insight: This is the most dangerous part of landlording. The authors explain that you should discriminate based on behavior (credit, income), but never on protected classes. Their tip on avoiding “steering” is a critical [Strategy] to avoid lawsuits.
• Impactful Quote: “Ignorance is no excuse for discrimination.”
• Quote Analysis: A stark warning that being a “small-time” landlord doesn’t exempt you from federal law.

Chapter 5: Advertising Your Vacancy

• Summary: Discusses marketing strategies, taking high-quality photos, and writing ads that appeal to your specific target demographic.
• Our Takeaway/Insight: The advice to track advertising sources is a simple [Tool] that saves money. If the newspaper brings zero calls, stop paying for it.
• Impactful Quote: “Your job is to discover what your market will allow for your rental and attempt to get that amount.”
• Quote Analysis: Pricing is determined by the market (Research phase), not your expenses.

Chapter 6: Tenant Pre-Screening

• Summary: Introduces the concept of the “screening funnel,” using initial phone calls and minimum qualification standards to weed out bad tenants before they even apply.
• Our Takeaway/Insight: This is arguably the most valuable chapter. The [Strategy] of stating criteria upfront saves hours of wasted showings.
• Impactful Quote: “The number one reason most tenants are late on their rent is… because of priorities.”
• Quote Analysis: Understanding tenant psychology helps landlords enforce rules without guilt.

Chapter 7: The Application Process & Tenant Screening

• Summary: A deep dive into processing applications, running background/credit checks, and verifying income and landlord references.
• Our Takeaway/Insight: The authors advise digging into the “story” behind the data. A credit score is a number, but calling previous landlords gives you the behavioral history.
• Impactful Quote: “A bad reference from a past landlord is a huge red flag… People change, sure, but why take that gamble?”
• Quote Analysis: Reinforces the risk-averse nature of a profitable business.

Chapter 8: Signing The Rental Contract

• Summary: Reviews the lease agreement line-by-line, discussing the difference between month-to-month and term leases, and the importance of the move-in inspection.
• Our Takeaway/Insight: The “New Tenant Orientation” is a brilliant [Strategy]. It’s a training session where you teach the tenant how to treat your house.
• Impactful Quote: “The memory of exactly what was said will disappear… The lease helps keep both sides honest.”
• Quote Analysis: Written contracts are the only things that matter when disputes arise.

Chapter 9: Managing Tenants

• Summary: Covers the day-to-day operations: collecting rent, enforcing late fees, inspections, and communication.
• Our Takeaway/Insight: The authors suggest never collecting rent in person (safety and efficiency) and utilizing online payments or services like PayNearMe. This is a great [Tool] for modernizing operations.
• Impactful Quote: “Tenants MUST be trained if you want to decrease the level of work needed to manage your properties.”
• Quote Analysis: Tenants are not inherently bad, they just need boundaries.

Chapter 10: Dealing With Problems

• Summary: A troubleshooting guide for when things go wrong: late rent, broken leases, mold, noise complaints, and abandonment.
• Our Takeaway/Insight: The advice on mold is practical: educate the tenant on ventilation. It protects the asset and shifts responsibility where it often belongs—on tenant lifestyle habits.
• Impactful Quote: “Don’t think of late rent as a mere inconvenience, but recognize it for the serious issue that it is.”
• Quote Analysis: Re-frames late rent as “theft,” which helps landlords maintain a business posture.

Chapter 11: Getting Rid of Bad Tenants

• Summary: Discusses the eviction process, non-renewals, and the “Cash for Keys” strategy.
• Our Takeaway/Insight: “Cash for Keys” is a controversial but highly effective [Strategy]. Paying a bad tenant to leave is often cheaper than a 3-month eviction battle.
• Impactful Quote: “Cash for Keys isn’t personal; it’s business!”
• Quote Analysis: Removes the ego from the decision-making process.

Chapter 12: Dealing With Contractors

• Summary: How to find, screen, and manage contractors and handymen. Discusses licensed vs. unlicensed workers.
• Our Takeaway/Insight: The “Change Order” policy and verifying licenses online are critical steps to avoid being scammed.
• Impactful Quote: “Keep the contractor hungry.”
• Quote Analysis: A practical [Strategy] to ensure work gets finished—never pay 100% upfront.

Chapter 13: What to Do When Your Tenant Moves Out

• Summary: The move-out process, earnest money deposit dispositions, and turnover repairs.
• Our Takeaway/Insight: The “Move-Out Packet” is a great [Tool] to send tenants once they give notice. It includes a cleaning checklist that increases the odds of getting a clean unit back.
• Impactful Quote: “Turnover can be one of the most costly expenses for your business.”
• Quote Analysis: Efficiency here directly impacts the bottom line (ROI).

Chapter 14: Business Organization and Bookkeeping

• Summary: Organizing the office, tracking receipts, separating funds, and basic bookkeeping for tax purposes.
• Our Takeaway/Insight: Simple is better. You don’t need complex software; a spreadsheet and a file cabinet work for beginners, as long as you separate business and personal funds.
• Impactful Quote: “Being organized is not about rules, it’s about freedom.”
• Quote Analysis: Organization buys you peace of mind.

Chapter 15: Thirteen Principles for Being an Incredible Landlord

• Summary: A recap of the book’s core philosophies and a final encouragement to keep learning.
• Our Takeaway/Insight: A great summary chapter that reinforces the “Systems” approach to landlording.
• Impactful Quote: “Your landlording business will run as well as you make it run.”
• Quote Analysis: Ultimate accountability lies with the investor.

Key MST Highlights

This book is overflowing with actionable strategies and tools. Here are the three most impactful takeaways.

• [Mindset] Core Belief: Training Tenants – The book’s core belief is that tenants are not born good or bad; they are trained by the landlord’s systems. If you are lenient with late rent, you train them to pay late. If you enforce rules, you train them to respect the property.
• [Strategy] Top Tactic: The Tenant Screening Funnel – The authors provide a rigorous screening strategy that starts with the ad copy and ends with the lease signing. By establishing minimum qualification standards (e.g., income must be 3x rent, credit score 600+) and stating them upfront, you filter out 80% of bad applicants before you even show the property.
• [Tool] Most Valuable Resource: The Appendix Forms – This book is a treasure trove of [Tools]. The appendix includes ready-to-use forms like the “Tenant Duty Checklist,” “Move-In/Move-Out Condition Report,” and “Estoppel Agreement.” These aren’t just templates; they are legal shields.

Final Thoughts

The Book on Managing Rental Properties is the definitive manual for the Manage phase of the PRIME framework. It is practical, blunt, and incredibly thorough. Brandon and Heather Turner do not sugarcoat the difficulties of dealing with tenants, but they provide a repeatable system to handle every issue imaginable.

If you are preparing to buy your first rental, reading this book before you close will save you from making the “hobbyist” mistakes that bankrupt new investors. It converts the vague anxiety of “what if a tenant doesn’t pay?” into a concrete process: Serve notice, file eviction, turn over the unit.

This book does not help you find deals or finance them, but it ensures that once you have them, they actually produce the wealth you are looking for.

Unlock Your Investing Potential with the PRIME Framework

Enjoyed this breakdown? This review was structured using the REI PRIME framework, a comprehensive system for navigating every stage of your real estate journey. While this book offers powerful insights, the PRIME framework provides the overarching roadmap to connect them all. Understanding it will help you identify which books you need to read next and how to systematically build your knowledge from a solid foundation to a scalable empire.