If you are able to manage it yourself, I think you will get a lot of very helpful education in real estate by spending a least a year or two doing that.You'll be able to work with property managers a lot better if you've done the work yourself for a bit, and it also helps to get familiar with the various laws and regulations you have to comply with as the owner, even if you do have a property manager in place (e.g., the new RI rental registry and associated lead paint inspections/certificates).It's up to you whether you're able to do it, but I think you'll get a lot out of the experience if you can try it for a year or two.

I “assume” they meant you wouldn’t defer all your taxes if you used leverage on a $450k purchase instead of “spending” all your cash.

You will also quickly learn how to manage properties well instead of spending decades figuring it out like most investors.

What are you plans for the financing aspect (purchase/rehab and refi)?

I would get an attorney or title company involved to create your loan documents to ensure they comply with the law and cover all the aspects you need.Another method that is likely your best bet to take on investors is to create a joint venture (JV).

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

Hope to spend more time here in retirement.

Insurance doesn't cover anything anymore and we can almost just pay for all damages with the money we spend on it! 

So, realistically, how much time do you expect a PMC to spend getting multiple bids?

I am excited to get started investing in real estate in out of state Long Term Rentals.Outside of real estate, I enjoy spending time with my kids, as well as mountain biking and other outdoor adventure activities.Excited to learn and connect with you all!