Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Start there to see if it is even worth your while.

They came back to me with such a lowball number for the master lease program it wasn't even worth discussing.

Based on our data, it. takes several hundred calls to even get an appointment. 

It took quite a good time (~6months) even with a property manager but finally found the renter after rent decrease by 200$.

Some of those may even be competent and know how to underwrite deals and sponsors. 

Evicting them, even after purchase, could be a lengthy and costly legal process.

Even though you have a VA loan, you still WANT good credit.  

Even in a lower priced investment property, like a small SFR, what does the investor without a contingency fund do when say the ac or a furnace need replacement?  

It is something I am interested in doing in the future, potentially even this year, but I am curious how to put concrete numbers to this decision.