If you read up on it minimally, you would probably come to the conclusion that it makes no sense to pay someone to do what you can easily (and cheaply) do yourself.I recommend this, not because it's better than REI, but because (1) it is an alternative and/or (2) it is a pretty decent place to leave your money while you wait for your next deal.  

I would be more than willing to help minimize your learning curve if you like, so you don't keep your friend waiting too long!  

So this is where I naively ask, if I use a property manager that's familiar with the area and has experience with screening tenants, don't I minimize this possibility?

Think about minimal rent increase, to be held as reserve fund. 

At the end of the day it is all about minimizing risk.

Today about two years later he could sell it for 110-120.I think this strategy is one of the least risky that can add a lot of income with minimal work, and gives you experience rehabbing. 

So, the impact will be minimal. 

Thank you @Daniel Dietz and @Brian Eastman for your insights on overall strategy.I was not aware that SDIRA requires more % down when leveraging, and was also not aware that UDFI hit can be minimized through depreciation.

Atlanta is long-done in my opinion (lots of saturation and better returns elsewhere), the TX cities either don't have cash flow or it's minimal and little inventory left and the appreciation boom already happened, Cleveland and some of those I don't consider strong growth markets so that increases risk, etc.

You should be able to secure a 50% LTV mortgage with no problem with really pretty minimal income showing I would think.