I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.

I may also charge if one of our people can't perform scheduled maintenance because the tenant has not crated an aggressive dog.

@Eugene Lubman Selling the property to your parents allows them to generate passive income while enabling you to perform a 1031 exchange to defer capital gains taxes.

I second what Jonathan Greene is saying here—turnkey is probably best bet given your constraints.

I always make sure that the draws are commensurate with the amount of work (and specifically the trade) performed to date.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

I’m also not a fan of buying a property that loses money every month, while hoping for appreciation and betting that interest rates will fall.

I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.

It's hard to say for sure without knowing your market numbers, but I would bet you if you looked at a 10 year projection, you will probably have a better ROI with the equity in 2 houses as opposed to the equity and cash flow with one. 

Quote from @David Griffin: Quote from @Corby Goade: Why are you asking them for permission to perform repairs on your property?