-therefore, there won't be any net 'cash flow to cover rent' for years.to be clear, i say this not to say "don't invest out of state." investing out of state is fine. 

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

It's clear from your post, and the limited information you put in there, that you are out ahead of your skis here.

Quote from @Tessa Tsui: You claim to have read those articles before, but you are using the wrong terminology and asking a question that is clearly answered by the resources Russell provided.

If you spend a couple years of cashflow on a new roof, that means you should be free and clear for a couple decades.

These bushes are clearly too close to the house.

The arguments for FHA versus conventional are fine and all, but one thing to be absolutely clear on is that Fannie/Freddie nor any other agency does NOT lend to entities. 

You can go over cost vs time all you want but at the end of the day, for me anyways... doing the stamp licking, printing cutting etc... just sucked big time and I'd be a very happy man if I never did it again. 

By documenting everything, both parties have a clear record, which can be invaluable if any issues arise later.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.