Initially, the properties that I buy in another market don't have to cash flow a lot, my metric is $150, as I'm focused on the long term gain when they're paid off  and I have a W2 and am also a realtor.

We are seeing people move from higher cost of living areas like Raleigh, Durham, chapel hill, and even Greensboro.   

Would even be happy to meet in person since we are in the same area.

Its hard to do return on investment since we are getting principal back starting year two as we sell..

We are not looking to buy in class c or d.

You can surely hire a PM for one property, as long as you feel like the costs associated with it align with your bottom line, and cash flow objectives. 

We have an insurance policy on the rental house (through State Farm), that includes a personal liability section, which is essentially equal to our current net worth.Given that a tenant could sue for more than this if an accident occurred, we are thinking about adding either LLC or an umbrella policy (or both) as extra protection.Any advice on which way to go, and if LLC, any recommendations for a law firm or company the Indianapolis area?

Hey @Katherine Lewis, I have always felt this was a tougher row to hoe overall.It's not that it couldn't work, but the juice might not be worth the squeeze.If you go all in you have to do it for the long haul.

The Landlord will verify that the rental is empty of all personal belongings and trash and that there is no damage beyond ordinary wear and tear. 

I know in my area they can require it, and we are nowhere near as strict as NY.