Related: How does a real estate agent get paid?

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

Are there property managers who specialize in managing housing for section 8 tenants?

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

It separates your personal assets from your business, providing a safeguard if any legal issues arise related to tenants or the property.

- Property Managers that you would highly recommend? 

@Sean GammonsConsider adding a partner for the second deal to share the down payment and mortgage responsibility, keeping DTI manageable.

Quote from @Jonathan Bombaci: This year, our management company, which oversees 700+ units in Massachusetts and New Hampshire, spent over $209,000 on attorney fees, primarily related to evictions.

Self-managing is definitely the way to go!

Common deductible expenses include mortgage interest, property management fees, repairs, and even travel expenses related to property management.