This includes preparing the property for renters, pricing it right, marketing, application screening, collecting rent, dealing with unpaid rent and other lease violations, security deposit disposition, inspections, and so much more.

My advice would be to find a great asset and match that with a strategy that is a bit more work to break even or eek out a little cash flow.

Follow the step for the deposit-even if it is to send a registered letter to their last known address stating that the deposit was used for outstanding rent and whatever damages or cleaning was needed (itemize it). 

Nomad also held the renter's deposit hostage even after I cleared the transfer with no damages to be charged.I had to remind Nomad there is a difference between “can” and should” , while you “can” hold a deposit longer it “should” only be done when there is a question about damages.My bank liked the guarantee, the disorganization inside Nomad and the horrible vendor management would cause me not to use them again.

We have some $ saved  but don’t have enough to put a full 20% deposit down as needed by most conventional lenders.

You lose all of the control and these are long term investments - but in my experience the returns match what I had on the active real estate and I am hiring professionals to manage the assets.  

All deposits and rents are collected through RentRedi. 

Large deposits are nice, but very difficult to actually get access to escrow funds in the event of default.

From what I have seen, the typical remedy is termination of the contract, refund of the EM deposit and all expenses incurred by the buyer during the failed transaction.

https://www.biggerpockets.com/agent/match Check it out.