@Lacey Burns Congratulations on your first investment! First rule, real estate is a business. If you decide to self-manage do not let the tenant know that you are the owner. Instead, you are the property manager. People who self-manage often believe they are saving money. Many don't consider how much they're losing by subsidizing the tenant's rent. We're all human. When you have contact with a tenant you tend to develop personal relationships. It's important to set boundaries. These relationships often lead to a failure to keep up with market rent. Small landlords give hundreds a month in "discounts". Not realizing that they wouldn't give most people in their lives a $200 - $400 a month stipend.
When the owner is ready to sell he/she might even lock in the rent at a lower rate by renewing the lease before listing the property. This is a short-term fix to what is now a big problem. The tenant can no longer afford the rent. The new owner is painted as a jerk because he/she expects market rent for the property they paid for. I am a full-time licensed Texas Realtor. However, I am not a property manager. I use property managers for my investment properties. If you decide to go with a property manager you want someone who will actually go into the property to check on the condition. I don't think people set out to become slum lords. They just get comfortable when the rent is paid on time. You would be amazed at what people will live with in order to keep a landlord out of their home. Whatever you decide, make it clear upfront that "management" will perform property inspections. Hope that helps. Good luck!
Rob TX Realtor