Frankly, the property manager should make a move smooth by sending all the files and transferring all the deposits in 1 statement.  

This does not align with buying most buildings in cash.Once you progress in your investing efforts you may come across more UHNW individuals, family offices and institutions who would take the lower return for limiting risk (all cash deal).

When I first started, i called 5 owners and all of them told me "NO".   

Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

All the stuff you need to dig in to.

Since this would be my first long term rental property do you recommend starting with a property manager from the beginning or managing the property myself.I understand that there are pros and cons to all of these scenarios, I'm just looking for various insights.

If you achieved this by paying all cash, then you are losing money. 

Quote from @Somesh Mukherjee: Hi all, I am looking to diversify & add a small apartment (3-4 units) to my portfolio.

Take it easy i am still a rookie and trying to learn all things possible.

We have previously tracked all expenses manually in google sheets and produced financials statements manually, also in google sheets.