Pros:
zero disruption
small overhead: won’t have to build out an entire organization, which is expensive and time consuming
reduced upfront costs: offices and employee benefits
Cons:
no best practices: you will be learning on the job at the detriment of the first few properties
starting at a loss: one property will not cover cost of managing the property, won’t breakeven until you have a couple thousand units
no industry top talent: don’t have a track record to attract best of the best