If you go down the FHA/HUD road, please learn in advance about the annual auditing requirements, 1-3 year recurring REAC inspections, 1-3 year recurring Management and Occupancy Reviews, etc that will be imposed on you.  

I do this so often that I created an online tool which enables me to instantly estimate a break-even price (where rent equals recurring expenses).

That's a recurring theme in your responses.  

And, the total of your mortgage payments, plus any other recurring monthly debt (credit cards, car loans, student loans, etc.), can't be more than 43% of your gross monthly income.So, assuming you have no other debt at the time, you would only qualify for an all in mortgage payment of $465/mo.You're credit isn't going to be a problem. 

Assuming you could find a firm willing to separate out the pm Side of their business, must be over 500 units, does anyone have an industry standard multiplier for the recurring revenue/profits of a well run PM Business?

Gordon Moss has "Performance Anxiety" about 2nds, and George Coats has "Smart Trust Deed Investment In California," which can be adapted for the most part to other states.Also picked up "Essentials of Real Estate Finance" by David Sirota, published by Dearborn.

The tenant can set up a recurring payment if he wishes, or he can do it one month at a time.  

Sometimes we stress a lot over things because they are the most stressful thing in our life so that sets our anxiety meter. 

Gordon Moss book "Performance Anxiety" (I have not read this yet either) seems like it is the only recent publication that deals more with the type of note investing people on BP are interested in.  

I realize that everyone here has had the same anxiety, and I am preaching to the largest choir there is, and while I'm not exactly looking for a pat on the head and a 'you can do it' I really feel I need to get this out. but I have on one in my life that is the least bit sympatric and they all figure I should be committed for taking this risk. not exactly motivational...