To manage property effectively, start by setting up clear communication with tenants, addressing maintenance issues promptly, and keeping accurate records of income and expenses. 

Additionally, consider hiring a property management company to handle day-to-day operations, stay up-to-date on landlord-tenant laws, and regularly inspect the property for potential issues. 

Finally, prioritize building positive relationships with tenants, as this can lead to increased tenant satisfaction and reduced turnover.

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