Starting a property management company as you buy a home

[Grant Hunter McNaugthon]

Hello all! I was wondering if anyone has any thoughts or has done the following: I should be purchasing a home at the beginning of the 2019 - out of state, and I wanted to also concurrently start a small property management LLC as I purchase the home. The goal would be to hire on 1-3 trusted friends in that area to manage my first property. They would be much younger employees and incentivesed much differently than most PM companies, also payed per new tenant of the year, and get a small percentage of the rent each month similar to a PM company.I would receive many of the benefits of operating a small business as well as homeowner benefits which would be ideal. I know entrance into the Property Management industry is not something that should be taken lightly, but I plan on treating all properties strictly as business and this part of the puzzle huge for my overall vision. Thoughts? and any experience success with this or failure? best practice? 

Thank you!