For an OOS investor, I would recommend looking at Kansas City as one of my CFO clients also manages 100+ doors for OOS investors and knows the market very well.

You could trim your expenses by eliminating property management - you can absolutely do this yourself on a 6-unit, even as a newbie.

As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

You add your coverage yourself online and can see all your properties listed on one screen to manage them.

We manage 4 Bloomington STRs, one being on Lake Monroe.

So it is fine for us to just list the property under my husbands name on the Schedule E even though we both own it, and I manage it?

Look for a team with a strong track record in managing rentals like yours, especially in your target area.

Try interviewing at least three managers.1.

I was delighted with their service and be happy to do a introduction for you to my contact manager (I am not associated with the company nor do I receive a referral fee).No business cards but line of credit yes.Revolving LOC? 

If you have no facts, then yes an appraisal can be your ticket, but also keep in mind how your state manages assessed values.