You can surely hire a PM for one property, as long as you feel like the costs associated with it align with your bottom line, and cash flow objectives. 

It's been a tough market for high or maybe any cashflow with decent A/B properties in some parts of Houston, BUT the long-term equity growth is what makes these type of investments very positive in the long-run!

When Columbus sailed, there cities were old and had long addressed housing issues generations before. 

How long would that take? 

Why do you think purchase contracts are so long and have such small print?

Also, I'd encourage you to think long term. 20-30 years from now, it won't matter if you bought your first property now or 3 years from now.'

How long did it take to complete those first three builds?

I've been buying SFH's out of state all cash as long term hold rentals.  

Used houses in the area sell anywhere from $75-125 a square foot.These are long term rentals that I do not plan to sell.I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

When cycle gets tougher then those marginal agents sales dry up and they go back to that j-o-b especially since they did not save and spent all their money on trips, bigger houses, nicer cars,etc.Good LuckI hope you are one of the few that make it long term. 14 years in the business and still having record sales year after year.The best nugget of info I can give is constantly out learn your competition.