I'm going to try leasing the place out myself again, but if I'm struggling, I will hire property manager. 

@Devon ShivesFrom my experience, If you're considering a cash-out refinance, negotiate for a smaller amount to keep the increase in your mortgage payment manageable.

@Shaylynn O'LearyI think I may have posted this in response to you in another thread a while back, but here goes again.If you pick a random "low cost" market like the ones you named, don't know anyone there, don't set up a network, buy random properties, and turn them over to people you've never met to manage, you will most likely lose money. 

You can explore bedroom rental also as opposed to the entire unit with 1 party but that is more complicated for management.

You will also need to vet out contractors in the area to ensure you that they can stay on top of your project and will do what they say.

Welcome to BP, I’m an agent here in the Phoenix/Scottsdale area and I work with a lot of investors on fix-and-flip projects, rental properties, and off-market deals.

Doing real estate and managing other peoples money from a fund are two very distinct skillsets.

She doesn’t need local family to manage it. 

I work on a ton of Padsplits in the Atlanta market and it is tough for a 4 bed co-living property to be much more profitable than a long term tenant factoring in additional utility expesnes, padsplit fees, and additional property management expenses.

Jeremah - First off, congrats on what you and your wife have already built—it’s no small feat managing W-2 income, business income, and rental properties while thinking strategically about tax planning.