“MHey Vidit, congratulations on taking the leap and starting your small business—huge first step!

If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.  

The more you know ahead of time, the easier the process will be.

Obtaining the FHA loan is great and you could repeat the process after about a year with the right lender.  

If you need to obtain it, how difficult will that process be?  

Quote from @Sami Gren: I start by making the original tenant fill out a form requesting to add a new renter, and they pay me a $50 processing fee (I charge a $50 fee any time I make changes to an existing lease). 

Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.

The process and management will take you 1-5 youtube videos to learn about. 

I like the thought process.

And or cannot get horizontal financing like I can which is a huge advantage value of your lots go up at each milestone..