Hi Felipe,where are your properties located? 

Look for properties with value-add potential, plan renovations carefully, and use tools like the BiggerPockets Rental Property Calculator to analyze deals.

Since we will be investing remotely, we plan to work with a property management company to oversee day-to-day operations.Does this sound like a solid strategy for a first investment property?

If they are willing to help, you can tell them that they can advertise the property in places that you are not; to help you find a tenant.

I will then use my current home I am moving out of as a rental property. 

Quote from @Jorge Abreu: When I first got into syndication, I started with a 37-unit property.

Holding the property.

Quote from @Anshuman Thakur: Can someone please shed some light on how- convert 401k to SD IRA- how to use SDIRA to buy properties- how much down payment is typically required if we are using SDiRA to only fund downpayment on a multifamily CRE, and which banks typically work with SDIRAs- how does LLC structure- property management and cash flow work in this situation?

Has anyone added extra bedrooms to a multi-family property to increase rental income?

In Cleveland you can find below market rental ready duplexes that require minor repairs (keep in mind that discounted properties come with their own challenges).