It might also be unavoidable to live in a high cost of living area due to my career choices. 

I than let them know my top choices for PM/TP provider in that specific market, not just my own but whoever I see as current best, and what there rates are.     

My current W2 is going through many changes, and whether by their choice (layoffs) or mine (12-16 hr work days is unsustainable) I need to figure out how I can spend more time taking care of my parents.  

For most single-state investors, a local LLC is the practical choice. 

For first-time investors, house hacking is the smarter, steadier choice. 

Establishing a relationship with a few of them locally or nationally [if you have a network] would be extremely beneficial.

IMO killeen is a solid investment. just have to watch which areas you are getting into. there are some pretty rough areas near fort hood but killeen is great because it is close enough to austin and people commute from there to austin as well. with fort cavazos near by and the new samsung plant coming online in taylor, it is a solid choice with steady demand for MF.

I completely agree with your implied notion that if I were going to do this, it would absolutely be more beneficial to do it myself especially with an insignificant down payment like 3.5%.

You might spend between $5,000 and $20,000 on furnishing the unit, depending on your choices.

There are more details here if interested.I will not tell anyone to do or not to, that is a choice that you will have to make and also it is a choice to work it or not, like any system.