Part of a series of classroom aids designed for real estate instructors, this instructional packet was developed to help real estate students understand the principles and practices of managing rental property. First, an evaluation form for the packet is presented. Next, a summary is provided for the instructor of some basic principles of property management based on a 1982 survey of Texas Apartment Association representatives. This summary, which is keyed to accompanying overhead masters, covers: (1) the role and responsibilities of property managers; (2) the most common errors of inexperienced property managers; (3) determining rental values; (4) frequency of rental reviews; (5) best ways to advertise, qualify a tenant, and handle delinquent rents; (6) non-eviction removal of tenants; (7) dealing with tenants who violate the lease; (8) frequency, causes, and avoidance of litigation; (9) tenants', managers', and unreasonable complaints; (10) problem tenants; (11) maintenance and repair; (12) types of insurance coverage; and (13) advice for new property managers. Finally, the 21 overhead masters are presented. (AYC)