If you are close enough to your properties where you can manage them yourself (and can tolerate managing it yourself), you will save plenty of money not paying a PM.Usually PM's will charge first months rent for a leasing fee as well as 8%-12% typically for a monthly fee for managing the property. 

. § The Treasury Department has signaled they will not tolerate “loopholes” and they are working to broaden the base of those who must comply with the end goal of including every business that deals with big-ticket transactions or any other transaction where larger amounts of money change hands. § An unstated, but underlying goal, is to track all cash movement in the United States so as to also ferret out and destroy any underground economy that exists in the United States in order to collect taxes on monies currently going unreported.

Get a feeling for what you are wanting to do and how certain things may fit in with your goals and tolerance levels.Let me know if that is something that would interest you.  

So I urge everyone to look at their risk tolerance, financial capability, and make the best decisions you can at any given time.

You have to consider your investment plan, philosophy, risk tolerance, where the economy is in the economic cycle, your local market situation and a whole host of other factors.  

@Robert Harmon I think it's all about personal risk tolerance.  

. :)First, your decisions are going to be based on an additional number of variables including your job requirements, how much time you actually have to put into your pursuit, your personality profile, risk tolerance, etc.  

My feeling is if you are not confident enough in a deal to put you name on the line for a recourse loan it probably; isn't a very good deal, you don't know enough about the deal or market to be  making the deal, or you don't have the risk tolerance to be in real estate at all. 

I got it into "livable" (tolerable) condition and worked my freakin butt off with sweat equity. one paycheck at a time I would buy a little more.

That's going to to adjust your gross income and will ultimately contribute to your debt to income tolerance.