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If you've ever leased your property to tenants or leased a property from a landlord, then chances are you will have dealt with a property manager.  Strictly speaking, property managers deal with a vast range of property matters, but what is referred to here is managing, on behalf of landlords, residential properties.  

This type of property manager is usually found by contacting a real estate agency in your area when you are looking to list your property for rent or are searching for a property.  But, subject to local regulations in your area, there is no reason why a property manager needs to be attached to a real estate agency.  Of course, you will need to make sure that you comply with your state's licensing requirements for property managers (if any) but there is absolutely no reason why you can't set up your property management business right out of your home.  

Your clients will be landlords who seek the services of someone who can find tenants for their properties and manage the landlord/tenant relationship on their behalf.  This task is broader than it sounds and includes advertising properties for let, processing applications from prospective tenants (and this will include screening applicants by carrying out credit checks, verifying employment information, checking personal and business references and the like), preparing lease documentation (standard form contracts will usually be all that is required), collect security deposits and rents on their behalf, coordinate maintenance issues, arrange periodic inspections during the course of a tenancy, arrange for evictions if necessary and the like.  

You would typically receive income by way of commission calculated as a specified percentage of the monthly rent and you may also want to charge a letting fee equal to, say, one week's rent.  

Useful resources:  

=> Sites  

Allied Real Estate School (Professional Property Management Course by correspondence)
http://www.propmanagementcourse.com/  

Home Management Network
http://www.homemgmtnet.com/  

Landlord's Resource Center
http://www.lrcinc.com/  

National Property Management Association, Inc.
http://www.npma.org/    

=>Books  

How to Start and Manage a Property Management Business by Jerre Lewis and Leslie Renn  

The Landlord's Handbook: A Complete Guide to Managing Small Residential Properties by Daniel Goodwin with Richard Rusdorf  

Property Management by Joseph DeCarlo