Is it better to manage your own rental property yourself or use a property manager from a realestate agent, And if you do it yourself how much money would I save?

I am involved in a 3-way investment on a rental property and we are being forced to sell because of a DOT project. Our profit on this property will be approximately $75,000 and we need to figure out how to split this up. Being close family members, we weren’t too concerned about figuring this out we bought the property.

I would really appreciate any suggestions from real estate investors experienced with partnership investments like this.

Here are the figures for the capital and work/mangement invested by each party.

Investor #1:
Invested $150, 000 by taking out a regular home loan.
Lived at the property and payed “rent”.
Did 85% of the maintenance, improvements and rental property management.

Investor #2:
Invested $75,000 from a home equity line of credit.
Did 0% of the maintenance, improvements and rental property management.

Investor #3:
Invested $25,000 from a home equity line of credit.
Did 15% of the maintenance, improvements and rental property management.

Thank you!

I remarried and moved out of my house four years ago. My son remained there until recently. Now I’m ready to sell the house, but do not know if the house would be considered a rental property, since he paid no rent, or would it be considered to have been occupied by me? I am concerned about capital gains taxes, since I have owned the property since 1983.

Is there and if what is the maximum the property can be values at? Is it in only certain neighborhoods? Can anyone convert their property to section 8? Is it an expensive process?