There's no substitute for boots on the ground! 

Depending on which investments you own in your portfolio, you may receive a Schedule K-1, K-1 information, or substitute K-1 (hereafter collectively referred to as K-1), a Form 1099-DIV or both.

and I get the distinct impression on the phone that she's not a 'substitute' agent, rather a replacement.

You can google substitute trustee "chris martin" site:www.biggerpockets.com for some/many of them.

Demonstrate to the client that you as an agent and  understand contract engineering - how to write in the clauses to protect your client and how to control real estate and to be knowledgeable of creative financing; check funds, delayed settlement, options, possession, auctions, subordination, substitution of collateral, mortgage discounts and hybrid offers as well as joint ventures and liquidation by auction without ownership.** As a new agent - (write this now) your best client is YOURSELF - represent yourself - get out there and in the market - look at 20-50 buildings (houses, commercial, businesses with real estate, lots and land) - know more about your local market (and sub-markets) than anyone else in the area - you need to know the estimated value of properties in your marketing area - (if someone gives you a street name - you should be able, off the top of your head to know the value) be the most informed of zoning changes, tax sales, foreclosures, auctions, the county's master plan, study expired listings - talk to real investors (not those turkeys who just took a GET RICH REAL ESTATE COURSE.Buyers and Sellers are liars - they will waste your time, eat a hole in your wallet, run you around, make bad offers, call you at all times of the day and evening - they will be demanding - you don't need to baby sit with people who can't make a wise decision! 

A screwdriver can be substituted for the drill.The shed has a 12 year warranty. 

The 50% Rule is just a rule of thumb and should not be a substitute for a full analysis.

This shouldn't be substituted for a mentor/partner. 

But experience CANNOT be substituted. 

Additionally, there are a few reasons utilizing a PM isn't necessary:Managing this asset will teach you a lot about real estate investing, human behavioural dynamics, teach you about this particular asset (Intel that would otherwise be in your PM's brain), and better prepare you for when you want to hand off to a PMThe house is turn key, so the chances things might break are diminished You bank 5-7% of your revenues, capital you can bank for that "scary" "rainy" day (which doesn't even come sometimes), resulting in a better CoCYou already have a handyman, who cannot be substituted as a PM, but he/she can be very helpful You get to prove to your wife that you can do this!