For example, who collects rent? 

I use Buildium and QuickBooks - Buildium for tenant placement, screening, rent collection, etc. and QuickBooks for finances. 

Your background as a licensed property manager in the greater Asheville, NC area is impressive, and your proactive approach to finding property managers looking to retire and sell their book of business is commendable. 

While a flip is more intense, owning a rental is NOT just sitting back and collecting money.  

I rented to him and have zero issues collecting rent.

They collect rent and you have to chase them for it, and I think they have a ring of deadbeat tenants that go from one house to the other, and pay a security deposit and nothing more

Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..

You might find out you would collect more money with a PM than you do managing yourself.

The best part, they only get paid if I am collecting rent.

Unit AppealAmenities and Upgrades: Although you have renovated the units, consider adding amenities like high-speed internet, in-unit laundry, or community spaces that can increase appeal.Feedback Collection: Gather feedback from current and past tenants about what they liked and disliked about living in your units.