With that being said, the interest rate is going to be the single biggest determining factor for whether you're barely breaking even, or seeing a decent monthly cash flow.

@Jared FisherRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

The biggest thing that goes missing is the beach towels.

All of the official documents I've found so far point to the national FHA requirements as their source.

However, the biggest con is that you are sacrificing a bit of your privacy by living right by your tenants and it is usually a lot more stressful since everything is your responsibility - managing tenant issues, handyman repairs, taking care of the lawn, etc.I would strongly recommend house hacking especially in the Columbus Ohio market!

Unfortunately, while all the online places area great sources of information, you are much less likely to take action, or find someone to shadow, when online in a forum. 

But my biggest fear is not screening out guest like I do with airbnb.

I personally invest in Detroit and have built a solid process to help others navigate the market, from sourcing deals to property management.If you’re interested, I’m happy to share more about what we do and how we can help.

Look at insurance and tax costs, those two items are the biggest killer of cash flow.

@James Wise MICHIGAN UPDATE: new law went into effect January 2, that landlords can no longer discriminate on tenant income source.