Purchasing a property with "next to nothing" out of pocket means you would need to find an exceptional deal. 

Worst case you might need to ask for an exception, but I think as long as you are up front about it you should be in good shape. 

Except the house.  

You can get more exceptions (if you know how to present a deal) 2.

Here's my recommendation: I am thrilled to recommend Tanja Vargo, who recently provided me with exceptional service in my search for an investment property.

While it can be done, it is the exception, not the rule.

This will also help when you file 1099s to report the proper amount to the IRS and send a correct 1099 to the PM for their PM Fees and possibly any Advertising or Repairs they may have doneFor the mortgage you will split it like you have it except the Mortgage will split to include the Principal amount to the Liability and the Interest expense. 

Quote from @Jason Solley: Or better yet a Buildium consultant that maybe could streamline my inefficiencies.Hey Jason, we were in a similar situation as you and ended up using AppFolio for all of our property management EXCEPT for finance/expense tracking.  

I also got these numbers from my realtor & ran them by a real estate investing group (a very expensive one) that I was a member of and got great feedback from almost everyone except one person thought the appraisal was inflated. 

We use a YTDpaystub and last year’s W-2(s) to calculate income several different ways:Hourly or salary income calculated to a monthly amountYTD income divided by number of YTD monthsYTD + W-2(s) income divided by the corresponding number of monthsIf these numbers vary too much, then we investigate and require an acceptable Letter of Explanation.Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment to make surethey’ll always be able to pay the rent on time.