Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

We have been working to be extremely conservative with our estimates but with this being our first go at this, any additional expertise is greatly appreciated! 

These are professionals with additional training and a stricter code of ethics.

Quote from @Kyle Schachsieck: Thank you all for the information and additional resources!

Additionally, be sure to have an accurate ledger and your signed lease agreement.

These are professionals with additional training and a stricter code of ethics.

Additionally, I expect applicants to follow instructions in the advertisement and application, to make and keep appointments, to show up on time for appointments, dress and behave appropriately at appointments, and in general demonstrate throughout the process that they are someone that is easy and pleasant to do business with.

I've done quite a bit of renovating, additions, etc in properties I've lived in and I enjoy it (but not necessarily living through it). 

Additionally, I’d appreciate advice on pricing.

(if the buyer wants a more solid commitment)Once a buyer has spent money they are somewhat vested in buying the property and that gives additional negotiating power to the seller.