I started to notice some issues early on when I tried to get some new tenants screened and signed up. 

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

Your biggest issue is that $50k may not let you get a nice house and have any reserves.

Assuming they are professional and skilled in the craft - alot of the issues you have faced, they will remediate and mitigate moving forward.

The issues I'm seeing have to do with how the new leases were worded regarding the security deposit and who signed the leases.

I don't see it as an issue but many still do, at least in my small town where the majority of renters are elderly people looking for low maintenance housing options.

As long as I have a good lending option such as a low interest LOC, it will still cashflow nicely until rates get better on other loan options.Being the overly analytical type, I just keep looking for what else could go wrong after addressing all the obvious ones that pertain to any deal.

A couple issues with Credit/income on paper.

Interesting, I did not have the issues on mine when I first used but it take a while to get them confirmed.

However, the biggest con is that you are sacrificing a bit of your privacy by living right by your tenants and it is usually a lot more stressful since everything is your responsibility - managing tenant issues, handyman repairs, taking care of the lawn, etc.I would strongly recommend house hacking especially in the Columbus Ohio market!