If you are broke and trying to quit your job asap, the answer will be much different than what an acceptable answer would be for a professional investor who is a multimillionaire.

Is this your full time 40 hour per week job?

As an employee of a MF Development Company, your boss will expect you to dedicate full-time hours to your job.

Any changes in federal spending could influence the job market and, subsequently, the real estate market.4.

During the time deployed (last 4 yrs), I rented the home.  

Great job! 

First time investor, looking for cash flow.2.

I have seen it several times.

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

I think a better option is to get a job in property management.