Not impressed with other large institutional managers who are very light with boots on the ground and in many ways have the attidude they are assisting you in managing the property, not managing it for you.

I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager!   

Do managers that advertise 8% only do 8% when there's a bundle of doors to manage?

Thanks @Andy Rousch!

It is the interest rates at which banks lend to each other and is short for Secured Overnight Financing Rate. 

For example it is my understanding that Big Bear allows it but whoever is managing the property has to live within 1 hour of the property. 

Using 50% rule (expenses excluding P&i is 50% of rent) here are the numbers;1800 (rent) - $900 (expenses) - 1468 (heloc) = negative $568/monthAt your rent point with that size unit, your expenses will ve less than depicted by the 50% rule, so let’s use a likely more accurate 40%1800 - 720 (expenses) - 1468 = negative $388/monthNow let’s imagine you self manage and you time is not worth anything (I strongly recommend believing your time is worth less or worth less than a quality PM would charge) with 8% further reduction so expenses are down to 32%1800 - 576 (expenses) - 1468 = negative $244/month. 

@Kwanza Price tips for managing contractors:1.

A few blocks closer to PC the rents are higher and I am sort of on the cusp of the end of the college rental area to the beginning of a different neighborhood.

For owner managed properties like this we see expense ratios in the 35%+ range.