Or hire a PM company to manage for you?

Then you can self-manage and learn all about tenants, contractors, etc. 

Treat this property as a business and factor in all the associated expenses, including mortgage payments (if you pull a loan), maintenance, and potential vacancy periods.To simplify management and make this less of a hands-on job, I’d strongly recommend working with a property management company.

They develop, they build, they finance, they property manage, they will have HAO, cleaning crew etc. etc. etc. so the subsidiary companies make money every step of the way.From investor perspective: The investor pay $15 K to reserve the right to purchase 25 multiplex over the year of next 5 years. 5 each year.

The title company will handle clearing the title but won’t manage personal agreements.

Quote from @Noah Laker: I'm a local broker and investor, and manage 100+ Airbnb properties for clients.

Management fee, add to your situation. 

Excited for you to be here and expanding your portfolio!

Having local family gave me a built-in support system, market familiarity, and the confidence to manage a property from a distance if needed.

What is killing me is after factoring in property taxes of about $9000 for the year and 10% of the rents $6.720 for property management as well as insurance factored at another $2400.