You are selling $500K of investment property and purchasing $500K of investment property so that would work out perfect for you. 

I am aggressively studying property management, along with about 50 other topics :) because I figure as I pick up more properties they may not all be this easy.No, my time commitments are coming from my intense interest in building a larger portfolio and just being jazzed about the industry and doing more in it.

I will make sure I conduct intensive screening for responsible pet owners.

If you buy a few cheap properties you will either have to manage them yourself (a job) or you will have to flip them (an intense job).

Get them out and try to work out a payment plan with them. 

Generally the most time intensive properties for managing these properties is the turnover between guest. 

How did it work out?

If it doesn't work out, I'm not married to the proposition, I'll sell it.

Go deeper and work out the true monthly costs and account for vacancy/maintenance/ cap ex.

Yes, its capital intensive and yes its slow, but it allows you to control both the quality of the home and your tenant base.