You guys hit the nail on the head.  

Each method serves a different purpose; hammer for nails, screwdriver for screws.Most of the time it's enough for smaller deals to figure the cash on cash returns.

I'm handy ( more than the average hammer & nail beginner ), I learn fast, and I enjoy the hell out of it.

There would be an external management co, but I would like to be able to personally drive a nail.

Perhaps the L/O idea is a good choice regardless.I'll try to nail my lender down tomorrow, and give the seller a call [she gave my agent her number and I've actually already spoken to her once about some questions I had regarding the Oil Furnace.My only concern regarding the lease was if i have a contract that states a move in date, although the boys will be fine with "whatever"- will their parents?  

Ideas from the movies will get you nailed. :)

If the City nailed you for them but not legally required, let City kick your tenants out for you lol.

Cashing out and getting nailed with the taxes and penalties is definitely not an option that's on the table.

If the REI doesn't do 125% ARV, and doesn't have to sell, then the REI doesn't get nailed by it.  

As long as you are buying right and you nail or even get relatively close to nailing the repair/ holding costs you shouldn't have much to worry about.