I don't want to violate any of the self-promotion rules on this thread by specifically linking or name-dropping, but it's from a data analytics platform I am working on specifically built for tracking construction, debt, and ownership activity in the Philadelphia region.I will be posting more detailed insights soon. 

Personally, I self manage but have built systems to allow it to be fully remote and very passive.

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

I am proficient in investing and confident in earning 7-10% returns in the market over the next decade or two.

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

We live in San Diego so would be long-distance, TBD if we self-manage or enlist a PM. 

Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.

@Jerry Chilimidos, I see that you are self-employed.

Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

Thus, my main goal joining this forum is to try to gain confidence in the decision to get into real estate investment and better understand the risks that I may not be considering due to my lack of experience in the field.