I’m a real estate investor and the owner of a fairly large property management firm here in Texas.

The key is to standardize property quality and management systems, which would appeal to buyers seeking scale.If you’re thinking long-term, holding these properties for cash flow while leveraging local appreciation is also a strong play.

I've worked in most phases of residential construction, but have not yet managed  a project this large.  

. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

I am a real estate broker and property manager based in Clarksville, TN and I specialize in working with investors.

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

However if you are self managing, that is work. 

I graduated from college in May, and I am currently doing business development (sales) for a property management company while studying for my RE license.

- If so, 1031 into something bigger and easier to manage and then when you pass, the inheritor receives your property(s) at a stepped up basis - subject to Inheritance Tax limits.Otherwise, sell one every 1-5 years when you need the cash, so you can plan expenses to offset capital gains.

Leverage will be reduced from the max available, reserve requirements increased and, typically, you would be required to use a professional property manager.